Current Oil Prices Update as of April 17, 2026

(SeaPRwire) –   As of 8:30 a.m. Eastern Time this morning, oil traded at $96.18 per barrel using Brent as the benchmark (we will break down different benchmarks later in this piece). This marks an 88-cent drop from the price recorded yesterday morning, and is roughly $28 higher than the price one year prior.

	Oil price per barrel	% Change
Yesterday’s oil price	$97.06	-0.90%
Oil price one month ago	$103.47	-7.04%
Oil price one year ago	$67.82	+41.81%

Will oil prices rise?

It is impossible to forecast oil prices with exact precision. A wide range of factors impact the market, but they all ultimately come down to the balance of supply and demand. As concerns over economic recession, conflict and other large-scale disruptions grow, oil price trends can shift very rapidly.

How crude oil prices convert to prices at the gas pump

Prices at the gas pump do not only follow the cost of crude oil. They also include the expenses of refining and transporting the fuel, applicable taxes added on top, and the extra markup local gas stations apply to stay in operation.

Since crude oil typically makes up the majority of the per-gallon cost of gas, shifts in its price have a disproportionately large impact. When oil prices surge, gas prices usually rise in lockstep. But when oil prices fall, gas prices often take much longer to decrease, a pattern commonly referred to as the “rockets and feathers” trend.

The function of the U.S. Strategic Petroleum Reserve

For emergency situations, the U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve. Its core purpose is to ensure energy security in the event of a crisis (including sanctions, severe storm damage, or even war). It can also go a long way toward easing crippling price jumps during supply shocks.

It is not a long-term solution, and is instead designed to provide temporary relief, supporting consumers and keeping critical segments of the economy running, such as key industries, emergency services, public transit, and more.

The connection between oil and natural gas prices

Both oil and natural gas are core sources of the energy used in daily life. For this reason, a major shift in oil prices can impact natural gas prices. For example, if oil prices increase, some industries may switch to using natural gas for parts of their operations where feasible, which drives up demand for natural gas.

Historical oil price performance

When measuring oil’s performance, two standard benchmarks are commonly used:

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

Of these two, Brent is a more accurate representation of global oil performance, as it is used to price most of the crude traded around the world. It is also often the most reliable metric for tracking historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its main reference point in its Annual Energy Outlook.

Reviewing Brent benchmark data across several decades shows that oil prices have been anything but stable. They have recorded sharp spikes driven by factors such as wars and supply cuts, as well as steep crashes caused by global recessions and oversupply (known as a “glut”). Some notable examples include:

• The first major oil shock hit in the early 1970s, when Middle Eastern nations cut exports and imposed an embargo on the U.S. and other countries during the Yom Kippur War.
• Prices fell in the mid-1980s due to factors including reduced demand and more non-OPEC oil producers entering the market.
• Prices spiked again in 2008 on the back of rising global demand, but quickly plummeted as the global financial crisis unfolded.
• During the 2020 COVID lockdowns, oil demand collapsed at an unprecedented rate, pushing prices below $20 per barrel.

All in all, oil’s historical performance has been far from consistent. As noted earlier, it is heavily impacted by wars, recessions, policy decisions from OPEC, evolving energy initiatives and regulations, and much more.

Our energy reporting from

Want to stay up to date on the latest energy sector developments? Take a look at our recent coverage:

• Trump states Iran war will end ‘pretty soon’ as uranium deal appears imminent
• Trump’s Middle East conflict could ultimately be a global boon for renewable energy
• Europe may have just 6 weeks of jet fuel supplies left

Commonly asked questions

How is the current per-barrel oil price actually set?

The current per-barrel oil price depends largely on supply and demand, including news about expected future supply and demand (geopolitical developments, OPEC+ decisions, etc.). In the U.S., prices also shift based on how supportive an administration is of drilling, as this can impact future supply levels. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, rolling back the Biden administration’s policy of restricting oil drilling in the Arctic.

How frequently do oil prices shift over the course of a day?

Oil prices update on an ongoing basis when the “futures” markets are open. A futures market effectively functions as an auction where participants enter into agreements to buy or sell oil at a set date in the future. As long as individuals and companies are trading these contracts, oil prices will continue to change.

What impact does U.S. shale oil production have on current oil prices?

In short, shale is a type of rock that contains oil and natural gas deposits, effectively representing untapped energy reserves. The more shale resources the U.S. accesses, the larger its energy supply will be — and the easier it is to prevent steep oil price spikes thanks to the increased available supply.

What effect do current oil prices have on inflation and the wider economy?

When oil prices are high, they typically push up the cost of everyday goods. This can be tied directly to energy costs (home heating, gas utility bills, etc.), but also stems from the logistics required to get those products to consumers. Shipping costs, for example, can impact grocery store prices, as it becomes more expensive to transport goods from warehouses and farms to retail shelves.