Current price of oil as of October 23, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
At 7:15 a.m. Eastern Time on October 23, 2026, oil was priced at $116.03 per barrel, with Brent serving as the benchmark. This represented a $2.82 increase from yesterday's morning price and around $50 higher than the price one year ago. Oil prices per barrel showed various changes over the past months and years, with significant fluctuations due to factors such as economic recession, war, and oversupply.
Oil price movements have a substantial impact on gas pump prices, as crude oil is the primary component of the per-gallon cost. The U.S. Strategic Petroleum Reserve provides temporary relief during supply shocks, helping to soften price hikes during emergencies. Oil and natural gas prices are closely linked, with changes in one affecting the other due to industries potentially substituting one for the other.
Brent crude oil and West Texas Intermediate (WTI) are the main global oil benchmarks, with Brent better representing global oil performance. Oil price performance has been unpredictable, with spikes and crashes resulting from events like wars, recessions, and oversupply. The price of oil fluctuates constantly during the day as it is determined by supply and demand in the futures markets.
U.S. shale oil production impacts oil prices by increasing supply, helping to prevent drastic price spikes. Oil price increases can lead to higher inflation, affecting the cost of everyday items and logistics, ultimately impacting the broader economy.
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