As of October 12, 2026, oil trades at $108.04 per barrel using the Brent benchmark, representing a $2.32 increase from the previous day and a $44.50 rise over the past year. Oil prices depend primarily on supply and demand and can shift rapidly during periods of geopolitical tension or economic recession. The U.S. Strategic Petroleum Reserve serves as an emergency tool to soften price spikes during supply shocks. The two main benchmarks are Brent, which dominates globally, and West Texas Intermediate, which serves North America. High oil prices affect the cost of everyday goods due to their impact on transportation and logistics.
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