At 7:15 a.m. Eastern Time, Brent crude oil was priced at $116.03 per barrel, up $2.82 from the previous day and roughly $50 higher than one year earlier. Prices depend mainly on supply and demand, but can also be affected by wars, recessions, sanctions, OPEC+ decisions and energy production policies. Higher oil prices generally translate into higher gasoline prices at the pump, while the U.S. Strategic Petroleum Reserve can provide temporary support during supply shocks. Historically, crude oil prices have fluctuated sharply, notably during the 1970s oil shock, the 2008 financial crisis and the collapse in demand during the 2020 lockdown.
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