As of 6:30 a.m. Eastern Time, oil was trading at $112.60 per barrel using the Brent benchmark, down $3.26 from the previous morning and approximately $47 higher than a year earlier. Oil prices are primarily determined by supply and demand, but can change rapidly because of wars, recessions, sanctions and OPEC+ decisions. Crude oil typically accounts for more than half of the final price at the pump, while the U.S. Strategic Petroleum Reserve can cushion price increases during supply shocks. Historically, 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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