As of September 24, 2026 at 10 a.m. Eastern Time, Brent crude oil had reached $104.67 per barrel, up $2.64 from the previous day and approximately $36 higher than a year earlier. Oil prices are driven by supply and demand dynamics, but are also influenced by concerns about recessions, armed conflicts, and major supply disruptions. Crude oil accounts for more than half of the gas pump price, which is why oil price increases quickly translate into higher gas prices, while decreases take longer to materialize, a phenomenon often called the rockets and feathers effect. Historically, the oil market has experienced major shocks tied to wars, OPEC decisions, and global recessions, such as in 2008 or during the COVID-19 pandemic in 2020 when prices dropped below $20 per barrel.
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