Oil Prices Soar to $108.34 Per Barrel Amid Ongoing Market Volatility

The price of oil has been steadily increasing, reaching $108.34 per barrel as of September 16, 2026, according to Fortune's latest update. This is an increase of $1.77 since yesterday morning and a significant jump from the same time last year, when prices were around $68.72 per barrel.

While it's impossible to predict with certainty what will happen to oil prices in the future, experts agree that supply and demand are the main drivers behind these fluctuations. When fears of economic slowdown or conflict rise, oil prices can move sharply.

The price you see at the gas pump reflects more than just crude oil, as it also includes the costs of refining, distribution through wholesalers, taxes, and the margin charged by local stations. However, crude oil is still the largest single driver of the final pump price, typically accounting for over half of each gallon's cost.

The U.S. Strategic Petroleum Reserve plays a crucial role in safeguarding energy security during emergencies, such as sanctions, severe storm damage, or war. This reserve can also help ease the pain of sudden price jumps when supply gets disrupted.