As of 8:30 a.m. Eastern Time on March 31, 2026, the price of oil is trading at $110.69 per barrel, according to the Brent benchmark. This marks a decrease of 41 cents from yesterday morning’s price but reflects an increase of approximately $35 compared to this time last year.
| Oil price per barrel | % Change | |
|---|---|---|
| Price of oil yesterday | $111.10 | -0.36% |
| Price of oil 1 month ago | $73.61 | +50.37% |
| Price of oil 1 year ago | $75.20 | +47.19% |
Will oil prices go up?
The future trajectory of oil prices is uncertain and influenced by a multitude of factors. The fundamental driving forces remain supply and demand dynamics. Market fluctuations can occur rapidly in response to heightened risks such as potential recessions or geopolitical conflicts.
How oil prices translate to gas pump prices
When consumers purchase gasoline, they are not solely paying for the crude oil price; various factors contribute to the final cost at the pump. These include expenses incurred during refining, distribution, taxation, and the profit margins set by local gas stations.
Nonetheless, crude oil prices exert the most significant impact on gasoline costs, often representing more than half of the final price per gallon. Consequently, a spike in oil prices typically leads to an increase in gas prices. In contrast, a decline in oil prices may result in a slower reduction of gas prices, a phenomenon colloquially referred to as “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
In times of emergency, the United States maintains a strategic reserve of crude oil known as the Strategic Petroleum Reserve (SPR). This reserve is crucial for safeguarding energy security during crises, including sanctions or military conflicts. The SPR can provide immediate support to consumers and help sustain key economic operations during supply disruptions.
How oil and natural gas prices are linked
As fundamental energy commodities, both oil and natural gas are interconnected within the market. Fluctuations in oil prices can have a direct impact on natural gas markets, as businesses may shift their energy sources based on comparative costs. For instance, rising oil prices may lead to increased demand for natural gas in specific industrial applications.
Historical performance of oil
Two primary benchmarks are widely recognized in the oil market:
- Brent crude oil: This serves as the predominant global oil benchmark.
- West Texas Intermediate (WTI): This benchmark is primarily focused on the North American market.
While Brent crude provides a broader perspective on global oil market trends, it has historically exhibited considerable volatility due to geopolitical events and varying economic conditions.
Energy coverage from Fortune
For more detailed insights into the energy sector, consider the following articles from Fortune:
- India seeks U.S. help to produce more oil and wean itself off Russia, Middle East reliance
- S&P set for another loss following worst week since Iran War began as oil keeps climbing
- Trump said the Iran war was ‘very complete’ three weeks ago. Oil has surged 50% since
Frequently Asked Questions
How is the current price of oil per barrel actually determined?
The price of oil is primarily determined by the balance of supply and demand, which is significantly influenced by geopolitical developments and the decisions made by organizations such as OPEC. Additionally, U.S. presidential administrations can shape the market through their policies related to drilling and oil production.
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