Oil price as of April 7, 2026

(SeaPRwire) –   As of 8:45 a.m. Eastern Time today, oil is trading at $113.40 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $2.15 above yesterday morning’s level and about $48 higher than where it stood a year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$111.25	+1.93%
Price of oil 1 month ago	$84.72	+33.85%
Price of oil 1 year ago	$64.63	+75.46%

Will oil prices go up?

Predicting the future trajectory of oil prices is impossible. While various factors influence the market, the primary drivers remain supply and demand. Geopolitical risks, such as war or potential economic downturns, can cause rapid price shifts.

The connection between crude oil and gasoline costs

Retail gasoline prices include more than just the cost of crude; they also account for refining, wholesale distribution, taxes, and gas station profit margins.

Nevertheless, crude oil is the primary factor in pump prices, typically representing over half the total cost. While gas prices usually rise quickly alongside oil, they tend to decrease more gradually when oil prices drop—a phenomenon known as “rockets and feathers.”

Understanding the U.S. Strategic Petroleum Reserve

To manage emergencies, the U.S. maintains the Strategic Petroleum Reserve, a backup supply of crude oil. This reserve is designed to ensure energy security during major disruptions like war, natural disasters, or sanctions, helping to mitigate the impact of sudden supply shortages.

It is intended for short-term relief rather than long-term solutions, supporting essential services, public transportation, and critical industries during crises.

The relationship between oil and natural gas pricing

As primary global energy sources, oil and natural gas prices are often interconnected. Significant shifts in oil costs can drive demand for natural gas if industries switch fuels to manage operational expenses.

Oil’s market history

Two primary benchmarks are used to track oil performance:

• Brent crude oil serves as the international standard.
• West Texas Intermediate (WTI) is the primary North American benchmark.

Brent is generally considered the superior indicator of global trends because it prices the majority of internationally traded crude. It is the preferred reference for historical analysis and is used by the U.S. Energy Information Administration in its annual outlooks.

Historical data shows that Brent prices have been highly volatile, fluctuating due to conflicts, supply adjustments, and economic cycles. Notable examples include:

• The 1970s oil shock triggered by Middle Eastern export cuts and the U.S. embargo during the Yom Kippur War.
• The mid-1980s price decline resulting from weakened demand and increased production from non-OPEC nations.
• The 2008 price peak driven by global demand, followed by a crash during the financial crisis.
• The 2020 COVID-19 pandemic, which saw prices drop below $20 per barrel due to an unprecedented collapse in demand.

In summary, oil prices have historically been unstable, shaped by geopolitical conflicts, economic recessions, OPEC decisions, and evolving energy regulations.

Recent energy reports

Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:

• High debt levels increase U.S. vulnerability during energy crises
• Fuel shortages lead to rising oil prices and falling stock futures
• Crude loading resumes at a major Russian Baltic port following attacks

Common Questions

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

Market prices are driven by supply and demand dynamics, including geopolitical news and OPEC+ policies. In the U.S., administrative stances on drilling also play a role; for instance, the 2025 decision to open 1.5 million acres of the Arctic National Wildlife Refuge for leasing marked a shift toward increasing future supply.

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

Oil prices fluctuate continuously during futures market hours. These markets function as auctions for future delivery, with prices shifting as long as trading persists.

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

Shale rock contains significant oil and gas reserves. Increased access to these resources expands the domestic energy supply, which can help prevent dramatic price spikes.

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

High oil prices generally increase the cost of living. Beyond direct energy costs like heating, expensive oil raises logistics and shipping expenses, making it more costly to transport goods from producers to consumers.