The Brent crude oil benchmark stood at $108.70 per barrel on October 14, 2026 at 7:15 a.m. Eastern Time, up $1.41 from the previous day. Compared to one year ago, when oil traded at $62.54 per barrel, prices have surged by approximately $46, representing a 73.80% increase. Brent is the global benchmark used to measure international oil performance and typically accounts for over half of the price at the gas pump. Oil prices are primarily driven by supply and demand factors, geopolitical tensions, conflicts and OPEC+ decisions. The U.S. Strategic Petroleum Reserve can be tapped during emergencies to support consumers and stabilize prices.
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