At 8:30 a.m. Eastern Time on July 8, 2026, the price of oil sits at $78.17 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $4.88 since yesterday morning and roughly $7.30 more than at this time last year.
| oil price per barrel | % Change | |
| Price of oil yesterday | $73.29 | +6.65% |
| Price of oil 1 month ago | $97.77 | -20.04% |
| Price of oil 1 year ago | $70.87 | +10.30% |
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Will oil prices go up?
Nobody can predict the future path of oil prices with certainty. A range of factors influence how oil trades, yet supply and demand remain the main drivers. When fears of economic slowdown, conflict, or similar shocks rise, oil prices can move sharply.
How oil prices translate to gas pump prices
The price you see at the gas pump reflects more than just crude oil. Also built in are the costs of refining, distribution through wholesalers, various taxes, and the margin your neighborhood station charges.
Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon’s cost. Spikes in oil prices tend to push gas prices higher in short order. But when oil prices decline, gas prices often ease down gradually, a behavior known as “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
In the event of an emergency, the U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve. Its main goal is to safeguard energy security when disasters strike—think sanctions, severe storm damage, or war. It can also do a lot to ease the pain of sudden price jumps when supply gets disrupted.
It’s not a permanent fix, as it’s more meant to provide immediate support for consumers and ensure critical parts of the economy like key industries, emergency services, public transportation, and so on can keep operating.
How oil and natural gas prices are linked
Both oil and natural gas play key roles as major sources of energy. A big change in oil prices can affect natural gas by proxy. If oil prices increase, some industries may swap natural gas for some segments of their operations where possible, increasing the demand for natural gas.
Historical performance of oil
Oil prices are often measured by two key benchmarks:
- Brent crude oil is the main global oil benchmark.
- West Texas Intermediate (WTI) is the main benchmark of North America.
Between the two, Brent is a better representation of global oil performance because it prices much of the world’s traded crude. It’s also often the best way to review historical oil trends. In fact, the U.S. Energy Information Administration now leans on Brent as its primary reference in its Annual Energy Outlook.
When you look at the Brent benchmark across multiple decades, you’ll see that oil has been anything but consistent. It has experienced spikes driven by wars and supply cuts, as well as crashes linked to global recessions and an oversupply (called a “glut”). For example:
- The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
- Prices dropped in the mid-1980s for reasons such as weaker demand and more non-OPEC oil producers entering the industry.
- Prices spiked again in 2008 with rising global demand, but soon crashed alongside the global financial crisis.
- During the 2020 COVID lockdown, oil demand collapsed like never before, bringing prices to under $20 per barrel.
In short, oil’s historical performance has been far from steady. It’s massively affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.
Energy coverage from Fortune
Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:
- OPEC+ to pump more oil as market fears shift from shortage to glut
- Katie McGinty: The energy economy’s biggest waste problem is already inside the system
- The supertanker tycoon making millions on Hormuz shuttle runs
Frequently asked questions
How is the current price of oil per barrel actually determined?
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.
How often does the price of oil change during the day?
The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.
How does U.S. shale oil production affect the current price of oil?
In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.
How does the current price of oil impact inflation and the broader economy?
When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.