At 8 a.m. Eastern Time on October 27, 2026, oil was trading at $115.13 per barrel on the Brent benchmark, 28 cents below the previous morning and about $49 higher than a year earlier. Crude oil generally accounts for more than half the cost of a gallon of gasoline, but pump prices tend to decline more slowly when oil falls, a pattern known as “rockets and feathers.” Supply and demand, wars, recessions, OPEC+ decisions and energy policies drive market movements, while the U.S. Strategic Petroleum Reserve provides emergency support. Over the long term, Brent has recorded sharp increases during supply shocks and steep declines during global recessions or oversupply. A sustained rise in oil prices contributes to inflation and higher transportation costs, making many products and services more expensive.
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