Current price of oil as of October 28, 2026

On October 28, 2026, at 7 a.m. Eastern Time, the price of oil was recorded at $116.25 per barrel, using Brent as the benchmark. This represented a $1.12 increase from yesterday morning and a $52 rise compared to the same time last year. Brent crude oil remains the primary global oil benchmark, providing a global representation of oil performance.

Oil prices are influenced by various factors, with supply and demand being the main drivers. When there is fear of economic slowdown, conflict, or similar shocks, oil prices can fluctuate significantly. Gas prices are determined by more than just crude oil; they also include refining costs, distribution fees, taxes, and the station's markup.

Typically, crude oil makes up more than half of each gallon's cost. Oil's price changes can quickly impact gas pump prices, but a decline in oil prices often leads to a slower decrease in gas prices, a phenomenon known as "rockets and feathers." The U.S. Strategic Petroleum Reserve serves to maintain energy security during emergencies, providing immediate relief to consumers and critical industries.

Oil prices and natural gas prices are closely linked, as a significant change in oil prices can affect natural gas demand due to industry adjustments. Historical data shows that oil prices have not been consistent, experiencing spikes and crashes driven by wars, recessions, and varying OPEC policies. For example, the first major oil shock occurred in the early 1970s due to an embargo during the Yom Kippur War, while prices dropped in the mid-1980s due to weaker demand and increased non-OPEC production.

The 2008 global financial crisis also led to price spikes. The U.S. shale oil production has contributed to a more stable oil price by increasing supply, mitigating the potential for drastic price increases.