Oil Prices Surge to $104.46 per Barrel Amid Ongoing Global Volatility
The current price of oil has reached $104.46 per barrel as of September 28, 2026, according to Fortune. This represents a $1.71 increase from the previous business day and a $37.13 rise over the past year.
When examining historical performance, Brent crude oil is considered the main global benchmark, with West Texas Intermediate (WTI) being the primary reference for North America. The price of oil has fluctuated significantly due to various factors such as wars, supply cuts, and global recessions. In recent years, the price of oil has seen spikes in 2008 due to increased global demand and a plunge in prices during the 2020 COVID lockdown.
The relationship between oil prices and gas pump prices is complex, with crude oil accounting for more than half the final price per gallon. When oil prices rise, so do gas prices, but when oil prices drop, it may take some time for gas prices to follow suit.