As of October 7, 2026, oil is trading at $104.74 per barrel based on the Brent benchmark, up $3.31 from the previous day and $38.60 higher than one year ago. This represents a 58.31% increase year-over-year, while the monthly gain stands at 6.22%. Oil prices are primarily driven by supply and demand, with geopolitical tensions and economic shocks capable of causing sharp movements. The price at the gas pump reflects not only crude oil costs but also refining, distribution, taxes, and station margins.
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