Current price of oil as of October 8, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of October 8, 2026, the current price of oil was $108.33 per barrel, based on the Brent benchmark. This represents a $3.59 increase from yesterday's morning price and an approximate $42 rise compared to the price one year ago. Over the past month, the price of oil had climbed to $104.74 per barrel, a 3.42% increase. Looking back further, a year ago the price was $99.15 per barrel, marking a 9.25% increase.
One year ago, in 2025, the price of oil was $66.47 per barrel, a 62.97% increase over that period. The question of whether oil prices will continue to rise remains uncertain, as numerous factors influence the market. Generally, oil prices are influenced by the fundamental forces of supply and demand. However, major geopolitical events such as wars, recessions, or disruptions in oil production can cause sudden price fluctuations.
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