{
  "id": 8027049,
  "title": "Current price of oil as of September 17, 2026",
  "url": "https://urgent.news/2026/09/17/current-price-of-oil-as-of-september-17-2026",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T12:15:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/article/price-of-oil-09-17-2026/"
  },
  "original_language": "en",
  "account": "As of September 17, 2026, the price of oil stood at $103.98 per barrel, based on the Brent benchmark. This represented a drop of $4.36 from the previous day's opening price and a rise of about $36 compared to the same time last year. On a wider scale, the current price marks a significant jump of 15.32% since a month ago and a substantial 52.64% increase from a year prior.\n\nPredicting whether oil prices will continue to rise is a challenge due to their inherent volatility. However, supply and demand remain the primary drivers. During periods of economic uncertainty, such as recession or war, oil prices can experience abrupt changes. The price per gallon at the gas pump is influenced by various factors, with crude oil accounting for more than half of the total cost. Consequently, substantial changes in oil prices often translate into noticeable shifts at the pump.\n\nThe U.S. Strategic Petroleum Reserve serves as a safety net during emergencies, ensuring energy security during crises like sanctions, natural disasters, or conflicts. While it offers immediate relief, it is not a long-term solution. The link between oil and natural gas prices is significant; a rise in oil prices can increase demand for natural gas in some industries, potentially driving up the price of natural gas as well.\n\nOil is primarily traded on two benchmarks: Brent crude oil, a global standard, and West Texas Intermediate (WTI), the North American benchmark. Brent oil provides a more comprehensive view of global oil performance, making it a preferred reference for tracking historical trends. The U.S. Energy Information Administration currently uses Brent as its primary reference in its Annual Energy Outlook.\n\nOver the decades, the oil market has been characterized by significant fluctuations. Events like the 1973 Middle East embargo and the 2008 global financial crisis caused sharp price surges, while the 1980s and the aftermath of the COVID-19 pandemic saw substantial declines. Despite its volatility, oil's performance has been heavily influenced by geopolitical events, economic conditions, OPEC policies, and evolving energy strategies.\n\nFortune's energy coverage provides further insights into the latest developments in this dynamic sector, including discussions on Europe's industrial energy crisis, the U.K.'s energy cost competitiveness, China's green energy overcapacity, and the potential of AI to address energy challenges. Understanding the factors shaping oil prices is crucial for grasping the broader economic implications.",
  "summary": "When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}