Oil was trading at $112.85 per barrel based on the Brent benchmark as of 8:15 a.m. Eastern Time on October 20, 2026, up $2.75 from the previous morning and $51.60 higher than a year ago. Crude oil often accounts for more than half the cost at the gas pump, and rising oil prices typically translate into higher fuel prices, though with a sometimes significant lag. The U.S. Strategic Petroleum Reserve is designed to provide quick relief during supply shocks and crises, rather than solving long-term structural problems. The two main oil benchmarks are Brent, which serves as the primary global reference, and West Texas Intermediate (WTI), used primarily in North America. Oil has experienced significant volatility over recent decades, shaped by wars, global recessions, OPEC decisions, and shifting energy policies.
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