Oil is trading at $108.34 per barrel as of 7 a.m. Eastern Time on September 16, 2026. That price uses Brent as the benchmark. Brent is one of the main reference points for global oil prices. The current price is up $1.77 from yesterday morning, when oil sat at $106.57 per barrel. That is a 1.63% increase in a single day.
Oil Price Today Compared to Last Month and Last Year
The jump looks even bigger when you look further back. One month ago, oil was at $90.94 per barrel. Today's price is 19.13% higher than that. One year ago, oil was at $68.72 per barrel. Today's price is 57.65% higher — roughly $40 more than at this time last year.
To put it plainly, oil has climbed sharply over the past year. The table below shows the full picture:
- Yesterday: $106.57 per barrel (+1.63% to today)
- One month ago: $90.94 per barrel (+19.13% to today)
- One year ago: $68.72 per barrel (+57.65% to today)
Will Oil Prices Go Up From Here?
Nobody can predict the future path of oil prices with certainty. A range of factors influence how oil trades, but supply and demand remain the main drivers. When fears of economic slowdown, conflict, or similar shocks rise, oil prices can move sharply.
This means the current price can change quickly. What looks like a steady climb today can reverse if supply rises or demand weakens. Readers should treat any single day's price as a snapshot, not a trend.
Why Gas Pump Prices Don't Match Oil Prices Exactly
The price you see at the gas pump reflects more than just crude oil. Other costs — refining, transport, taxes, and station margins — all play a role. So even when crude oil rises or falls, the price at your local station may not move by the same amount or at the same speed.
Our Take: What $108 Oil Means for You
In our view, the number that matters most here is not the daily $1.77 bump. It is the 57.65% jump over one year. That is a huge move. When oil rises this fast, the cost gets passed down the chain — to fuel, to shipping, to groceries, and to almost everything that moves by truck or ship.
To put it plainly, a $108 barrel is not just a number on a trading screen. It is a signal that energy costs are high and could stay high. For households, that usually means watching the gas pump and monthly bills more closely. For businesses, it means planning for higher transport and production costs.
The honest answer to "will prices go up?" is that no one knows. Supply and demand, plus shocks like conflict or slowdown fears, decide the path. But the one-year trend is clear: oil is far more expensive today than it was a year ago, and that reality is already working its way into everyday costs.
