Current price of oil as of Sept. 29, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
Oil prices on September 29, 2026, reached $100.19 per barrel, according to the Brent benchmark. This represents a decrease of $2.56 from the previous day's report and an increase of $32.86 compared to the same time last year. The price of oil per barrel has seen significant fluctuations over the years, being as low as $67.33 per barrel a year ago and peaking at $102.75 per barrel just one day earlier.
Various factors, such as geopolitical tensions, economic conditions, and energy policies, influence the price of oil. Oil prices have a substantial impact on gas pump prices, as they account for more than half of the total cost per gallon. While oil prices rise, gas prices typically follow suit; however, when oil prices fall, gas prices often decline more gradually.
The U.S. Strategic Petroleum Reserve, a reserve of crude oil, safeguards energy security during crises and helps mitigate the effects of supply shocks on oil prices. Oil prices are determined by supply and demand, including geopolitical events and decisions made by organizations like OPEC+. The price of oil fluctuates constantly during market hours as traders engage in futures contracts.
The expansion of U.S. shale oil production influences oil prices by increasing the overall supply, making it easier for the market to absorb shocks and prevent drastic price spikes.
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