As of September 25, 2026 at 9 a.m. Eastern Time, oil was priced at $102.75 per barrel with Brent as the benchmark, down $1.92 from the previous day. However, this price remains $33 higher than it was one year ago. Oil prices depend primarily on supply and demand, but are also influenced by concerns about economic recessions, armed conflicts, and major disruptions. Gas pump prices do not directly track crude oil prices because they include refining costs, transportation, taxes, and local station markups. Two main benchmarks are used to track oil performance: Brent, which serves as the global reference, and West Texas Intermediate (WTI), primarily used in North America.
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