As of October 9, 2026 at 6:45 a.m. Eastern Time, oil was priced at $105.72 per barrel, with Brent crude serving as the main benchmark. This price represents a drop of $2.61 compared with the previous day and an increase of approximately $40 compared to one year ago. Oil prices depend primarily on supply and demand, but also on geopolitical factors, economic recession concerns, and large-scale disruptions. Gas pump prices do not only track crude oil prices, as they also include refining costs, transportation, taxes, and local station markups. The U.S. Strategic Petroleum Reserve can be deployed to soften price hikes during supply shocks, although it is not a long-term solution.
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