Brent crude oil was priced at $113.21 per barrel at 8 a.m. Eastern Time on October 22, 2026, up $2.47 from the previous day and about $49 from a year earlier. Prices, determined mainly by the balance between supply and demand, can fluctuate sharply because of wars, recessions, supply disruptions and OPEC decisions. Because crude oil accounts for more than half of the price per gallon at the pump, price increases are passed on quickly, while declines often take longer to materialize, a phenomenon known as the “rockets and feathers” effect. The U.S. Strategic Petroleum Reserve can cushion immediate shocks during a crisis, but it is not a long-term solution; a sharp rise in oil prices can also increase demand for natural gas when some operations substitute it for oil.
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