Current price of oil as of October 13, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of October 13, 2026, oil is trading at $107.29 per barrel on the Brent benchmark. This price represents a 75 cent decrease from yesterday's morning level and a $44 increase from the same time a year ago. Oil price has surged by 1.19% compared to a month ago, and by a remarkable 68.45% compared to a year ago.
Despite fluctuations, the underlying forces driving oil prices remain supply and demand. Geopolitical tensions, potential recessions, and wars can cause dramatic price changes. Crude oil constitutes more than half of the cost of gas at the pump, along with refinery fees, taxes, and station markups.
To mitigate emergencies, the U.S. Strategic Petroleum Reserve, a stockpile of crude oil, is kept on standby. This reserve helps maintain energy security during crises, such as sanctions, natural disasters, or conflicts. However, it is not intended for long-term solutions but rather to offer immediate relief during supply shocks.
Oil and natural gas prices are interconnected. Changes in oil prices can prompt industries to substitute natural gas for certain oil-dependent processes, consequently increasing demand for natural gas. Historically, oil prices have been volatile, influenced by events such as the 1970s Middle East embargo, the 1980s oversupply, 2008 financial crisis, and the 2020 COVID-19 pandemic, which caused oil prices to plummet below $20 per barrel.
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