As of October 5, 2026 at 7 a.m. Eastern Time, oil was trading at $105.81 per barrel based on the Brent benchmark, up $2.44 from the previous day and approximately $40 higher over the past year. Crude oil typically accounts for more than half the price at the pump, meaning oil price changes directly impact gasoline prices. The two main benchmarks for evaluating oil performance are Brent, which reflects the global market, and WTI, used for North America. Oil prices are determined by supply and demand and remain subject to the influence of geopolitical factors, OPEC+ decisions, global recessions and energy policies.
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