Commodities
Oil Price Surges to $104.33 Per Barrel Amid Global Supply Concerns
The current price of oil as of September 18, 2026 is $104.33 per barrel, according to Fortune. This represents a gain of 35 cents compared to yesterday morning and an increase of around $37 from last year's price.
OPEC+ has the most significant influence on global oil prices due to their control over supply. When OPEC+ decides to cut production or impose embargoes, it can lead to spikes in oil prices. On the other hand, when they increase production or ease sanctions, prices tend to drop.
The U.S. Strategic Petroleum Reserve plays a crucial role in providing temporary relief during supply shocks. However, it's not a long-term solution and is primarily meant for energy security in times of crisis.