As of October 6, 2026 at 7:30 a.m. Eastern Time, oil was trading at $101.43 per barrel based on the Brent benchmark, down $4.38 from yesterday but up approximately $35.50 from a year ago. Crude oil typically accounts for more than half of gas pump prices, directly influencing retail fuel costs through refining, distribution, and tax components. Brent crude serves as the main global benchmark for crude trading, while WTI is the primary benchmark for North America. Oil prices are shaped by supply and demand dynamics, geopolitical risks, OPEC decisions, and government energy policies.
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