Oil Prices Surge to $105.82 Per Barrel Amid Global Market Volatility
The price of oil as of September 11, 2026, is $105.82 per barrel, with Brent serving as the benchmark. This represents an increase of 62 cents compared to yesterday morning and a rise of around $39.25 higher than the price one year ago.
Historically, oil prices have been volatile due to various factors such as wars, supply cuts, global recessions, and OPEC whims. The early 1970s saw the first big oil shock when the Middle East cut exports and imposed an embargo on the US and others during the Yom Kippur War.
The current price of oil is determined by supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the US, prices also move based on how friendly an administration is to drilling, as it can affect future supply.