Current Oil Price as of May 1, 2026

(SeaPRwire) –   As of 8:45 a.m. Eastern Time today, the price of oil stood at $116.10 per barrel, using Brent crude as the benchmark (different benchmarks will be detailed later). This marks an increase of $1.44 from yesterday morning and is approximately $53.46 higher than the price from one year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$114.66	+1.25%
Price of oil 1 month ago	$112.17	+3.50%
Price of oil 1 year ago	$62.64	+85.34%

Will oil prices go up?

Predicting oil prices with exact accuracy is not possible. The market is influenced by numerous factors, but it fundamentally revolves around supply and demand. Concerns about economic recession, conflict, and other major disruptions can cause oil’s trajectory to change rapidly.

How oil prices translate to gas pump prices

Prices at the gas pump do not solely follow crude oil. They also incorporate the costs of refining and transportation, applicable taxes, and the margin added by local stations to maintain operations.

Given that crude oil typically constitutes the largest portion of the cost per gallon, fluctuations in its price have a significant effect. When oil prices jump, gasoline prices usually follow suit. However, when oil prices fall, gasoline prices frequently decrease more slowly, a pattern often referred to as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

For emergencies, the United States maintains a stockpile of crude oil called the Strategic Petroleum Reserve. Its main goal is to ensure energy security during a crisis, such as sanctions, major storm damage, or war. It can also be instrumental in mitigating severe price increases during supply disruptions.

This reserve is not a permanent solution but is intended to offer short-term assistance, helping consumers and supporting vital economic sectors like key industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas are both essential everyday energy sources. Consequently, a major shift in oil prices can influence natural gas. For instance, if oil becomes more expensive, some industries might switch to natural gas for certain operations where feasible, thereby boosting demand for natural gas.

Historical performance of oil

To assess oil’s performance, two primary benchmarks are commonly used:

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

Between the two, Brent is a better indicator of global oil performance as it prices a large volume of the world’s traded crude. It is also generally the preferred metric for examining historical oil trends. Notably, the U.S. Energy Information Administration now uses Brent as its main reference in its Annual Energy Outlook.

Examining the Brent benchmark over decades reveals a highly volatile history. Prices have surged due to events like wars and supply reductions, and have crashed during global recessions and periods of oversupply, or “glut.” Examples include:

• The first major oil shock in the early 1970s, triggered when the Middle East reduced exports and enacted an embargo against the U.S. and other nations during the Yom Kippur War.
• A price decline in the mid-1980s driven by factors like reduced demand and the entry of more non-OPEC producers.
• Another spike in 2008 amid rising global demand, followed by a sharp drop during the global financial crisis.
• The unprecedented collapse in demand during the 2020 COVID-19 lockdowns, which pushed prices below $20 per barrel.

In summary, oil’s historical performance has been far from stable. It remains heavily influenced by wars, economic downturns, OPEC decisions, changing energy policies, and numerous other variables.

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Frequently asked questions

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

The per-barrel price of oil is primarily driven by supply and demand dynamics, including expectations about future supply and demand influenced by geopolitics and OPEC+ decisions. In the United States, prices can also react to an administration’s stance on drilling, which affects future supply prospects. For example, in 2025, the Trump administration acted to reopen over 1.5 million acres in the Arctic National Wildlife Refuge’s Coastal Plain for oil and gas leasing, reversing the prior Biden administration’s restrictions on Arctic drilling.

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

The price of oil changes continuously during trading hours on the futures markets. A futures market is essentially an auction where participants agree to buy or sell oil at a future date. The price fluctuates as long as contracts are being traded by individuals and companies.

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

Simply put, shale is a type of rock that holds oil and natural gas. It represents untapped energy potential. Increased U.S. shale production boosts overall energy supply, which can help prevent oil prices from rising as sharply.

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

High oil prices generally lead to increased costs for everyday goods. This impact is felt directly in energy costs like heating and utilities, but also indirectly through the logistics chain required to deliver products. For instance, higher shipping costs can raise the prices of grocery store items, as moving goods from farms and warehouses to shelves becomes more expensive.