As of September 28, 2026, oil was trading at $104.46 per barrel using the Brent benchmark, up $1.71 from the prior business day and approximately $37.13 higher over the past year. Brent crude serves as the primary global oil benchmark and better represents worldwide oil performance compared to West Texas Intermediate, which is mainly used in North America. The crude oil component typically accounts for more than half of the gas pump price, meaning oil price fluctuations directly impact consumers at the filling station. The U.S. Strategic Petroleum Reserve can be deployed in emergencies to soften severe price increases during supply shocks. Historically, oil has experienced spikes from wars and supply cuts, as well as crashes during recessions and oversupply periods.
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