Current price of oil as of November 11, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of November 11, 2026, at 7:30 a.m. Eastern Time, the price of oil reached $95.72 per barrel, based on Brent as the benchmark. This marks a $2.74 increase since yesterday morning and around $30 more than a year ago. The current price of oil per barrel is influenced by a range of factors, the most significant being supply and demand. When there are concerns about economic slowdown, conflicts, or similar shocks, oil prices can fluctuate sharply.
The price you see at the gas pump is influenced by crude oil costs, refining, distribution, taxes, and the margin of the local station. Crude oil usually accounts for over half of the final pump price. Oil price spikes often lead to immediate gas price rises, but declines in oil prices typically cause a gradual easing of gas prices, a phenomenon known as "rockets and feathers."
The U.S. Strategic Petroleum Reserve, a stockpile of crude oil, is maintained to safeguard energy security during emergencies caused by disasters like sanctions, severe storms, or war. It can help ease the impact of sudden price jumps when supply is disrupted, but it's not a permanent solution.
Oil and natural gas are major energy sources, and changes in oil prices can indirectly impact natural gas prices. For instance, if oil prices rise, some industries might switch to natural gas, increasing its demand. Historical trends in oil prices show them to be inconsistent, driven by wars, recessions, OPEC policies, and evolving energy initiatives.
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