Current Oil Price as of April 3, 2026

(SeaPRwire) –   As of 9 a.m. Eastern Time today, the price of oil stood at $112.42 per barrel, using Brent as the benchmark (we’ll break down different benchmarks later in this piece). This marks an increase of 73 cents from yesterday morning and roughly $34 more than it was a year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$111.69	+0.65%
Price of oil 1 month ago	$79.74	+40.98%
Price of oil 1 year ago	$73.79	+52.35%

Will oil prices go up?

Predicting oil prices with exact accuracy is impossible. Numerous factors influence the market, but at the end of the day, it all comes down to supply and demand. When concerns about economic downturns, conflicts, and other major disruptions rise, oil prices can change rapidly.

How oil prices translate to gas pump prices

Pump gas prices don’t just follow crude oil costs. They also cover the expenses of refining and transporting the fuel, the taxes applied, and the additional markup your local gas station charges to remain operational.

Because crude oil usually accounts for most of the per-gallon price, shifts in its cost have a disproportionate effect. When oil prices jump, gas prices tend to go up at the same time. However, when oil prices drop, gas prices often take longer to fall—a pattern known as the “rockets and feathers” effect.

The role of the U.S. Strategic Petroleum Reserve

For emergency situations, the U.S. maintains a stockpile of crude oil called the Strategic Petroleum Reserve. Its main goal is to ensure energy security during crises (such as sanctions, severe storm damage, or even war). Additionally, it can help ease extreme price increases during supply disruptions.

This isn’t a long-term solution; instead, it’s designed to offer short-term relief, supporting consumers and keeping essential economic sectors operational—such as key industries, emergency services, public transit, and more.

How oil and natural gas prices are linked

Oil and natural gas are both major sources of the energy we rely on daily. As a result, significant changes in oil prices can impact natural gas costs. For instance, if oil prices rise, some industries might switch to natural gas for parts of their operations where feasible, boosting demand for natural gas.

Historical performance of oil

To assess oil’s performance, we typically refer to two benchmarks:

• Brent crude oil, the primary global oil benchmark.
• West Texas Intermediate (WTI), the primary benchmark for North America

Among these two, Brent more accurately reflects global oil performance since it sets the price for a large portion of the world’s traded crude. It’s also frequently the most effective way to monitor oil’s historical performance. Notably, even the U.S. Energy Information Administration now uses Brent as its main reference in its Annual Energy Outlook.

Over several decades, the Brent benchmark shows that oil prices have been far from stable. They’ve spiked due to events like wars and supply reductions, and crashed because of global recessions and an excess supply (known as a “glut”). Here are some examples:

• The early 1970s saw the first major oil crisis when Middle Eastern nations cut exports and placed an embargo on the U.S. and other countries during the Yom Kippur War.
• In the mid-1980s, prices fell due to factors like reduced demand and an increase in non-OPEC oil producers entering the market.
• Prices surged again in 2008 due to rising global demand, but quickly fell as the global financial crisis unfolded.
• During the 2020 COVID-19 lockdowns, oil demand dropped more drastically than ever before, pushing prices below $20 per barrel.

In short, oil’s historical performance has been highly volatile. Once again, it’s heavily influenced by wars, recessions, OPEC decisions, changing energy initiatives and policies, and many other factors.

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Frequently asked questions

How is the current price of oil per barrel actually determined?

The current price of oil per barrel is mostly driven by supply and demand, including news about future potential supply and demand (such as geopolitical events, OPEC+ decisions, etc.). In the U.S., prices also shift based on how supportive an administration is of drilling, since this can impact future supply. For example, in 2025, the Trump administration took steps to reopen over 1.5 million acres in the Arctic National Wildlife Refuge’s Coastal Plain for oil and gas leasing, reversing the Biden administration’s policy that restricted Arctic oil drilling.

How often does the price of oil change during the day?

Oil prices update continuously while the futures markets are open. A futures market is essentially an auction where participants agree to buy or sell oil at a future date. As long as individuals and businesses are trading these contracts, the oil price is in flux.

How does U.S. shale oil production affect the current price of oil?

Put simply, shale is rock that holds oil and natural gas. You can think of shale as untapped energy reserves. The more shale the U.S. extracts from, the more energy we’ll have—and the more likely oil prices are to avoid sharp spikes, thanks to increased supply.

How does the current price of oil impact inflation and the broader economy?

When oil prices are high, everyday goods often become more expensive. This can be linked to energy costs (like heating or gas bills), but it also stems from the logistics required to get those goods to you. For example, shipping costs can raise the price of groceries, since it’s more costly to transport products from warehouses and farms to store shelves.