Current price of oil as of November 3, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of November 3, 2026, the price of oil was trading at $110.45 per barrel on the Brent benchmark. This is $2.15 lower than the previous day's level and $45 higher than the price a year ago. Oil price per barrel % change: Yesterday -1.90%, 1 month ago +3.72%, 1 year ago +68.85%.
Despite fluctuations in oil prices, they still have a significant impact on gas pump prices. Crude oil usually accounts for more than half of the cost per gallon when you buy gas, along with various steps in the process such as refineries, wholesalers, taxes, and local gas station markups.
The U.S. Strategic Petroleum Reserve stores a backup supply of crude oil to protect energy security during emergencies like sanctions, catastrophic storms, or even war. However, this reserve is designed for short-term relief rather than addressing long-term problems.
Oil prices are influenced by various factors, most notably supply and demand. Geopolitical events, decisions by OPEC+, and an administration's stance on drilling can all affect prices in the U.S. Oil markets continuously update throughout the day, as traders buy and sell oil in futures contracts.
The U.S. shale oil production plays a role in keeping oil prices from spiking too much, as more shale accessed provides a greater supply to stabilize prices. Changes in oil prices can have broader economic impacts, such as increasing everyday item costs due to energy expenses and logistics involved in transporting goods.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
