Oil price on May 18, 2026

(SeaPRwire) –   As of 9:10 a.m. Eastern Time today, oil was priced at $110.08 per barrel (using Brent as the benchmark, which we’ll discuss shortly). This represents a decrease of $2.52 from yesterday morning and marks an increase of approximately $44 compared to this time last year.

	Oil price per barrel	% Change
Price of oil yesterday	$112.60	-2.23%
Price of oil 1 month ago	$93.27	+18.03%
Price of oil 1 year ago	$65.86	+67.14%

Will oil prices go up?

Predicting future oil prices is not possible. A variety of factors influence oil market movements, but ultimately, supply and demand are key drivers. When concerns about economic downturns, conflicts, or similar events intensify, oil prices can shift rapidly.

How oil prices translate to gas pump prices

The amount you pay at the gas pump includes more than just crude oil; it also covers costs associated with refineries, wholesalers, taxes, and local station markups. Nevertheless, crude oil remains the most significant factor in determining the final price, typically accounting for over half the cost per gallon. When oil prices rise, gas prices generally follow. Conversely, when oil prices fall, gas prices often decline slowly—a phenomenon commonly referred to as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

In emergency situations, the United States maintains a stockpile of crude oil known as the Strategic Petroleum Reserve. Its main purpose is to ensure energy security during disasters such as sanctions, severe storms, or even war. It can also help moderate extreme price spikes caused by sudden supply disruptions.

However, this reserve is not a long-term solution—it serves primarily as a short-term measure to support consumers and keep essential sectors of the economy functioning, including critical industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas are both major sources of energy. Significant changes in oil prices can indirectly affect natural gas markets. For instance, if oil prices rise, certain industries may switch from natural gas to oil where feasible, thereby increasing demand for natural gas.

Historical performance of oil

When analyzing oil’s historical performance, two primary benchmarks are commonly used:

• Brent crude oil serves as the dominant global benchmark.
• West Texas Intermediate (WTI) is the leading benchmark for North America.

Between the two, Brent better reflects global oil trends because it accounts for much of the world’s traded crude oil. In fact, it is frequently considered the best indicator for tracking oil’s historical performance. The U.S. Energy Information Administration now uses Brent as its main reference in the Annual Energy Outlook.

Examining decades of data under the Brent benchmark reveals that oil has been far from stable. It has experienced sharp increases due to wars, production cuts, and other events, as well as sharp declines resulting from global recessions and oversupply conditions (also called a “glut”). Notable examples include:

• In the early 1970s, the first major oil shock occurred when Middle Eastern nations reduced exports and imposed embargoes on the U.S. and others during the Yom Kippur War.
• In the mid-1980s, prices dropped due to weaker demand and greater participation from non-OPEC producers.
• Prices surged again in 2008 amid rising global demand but soon fell sharply alongside the global financial crisis.
• During the 2020 COVID-19 lockdowns, oil demand plummeted like never before, pushing prices below $20 per barrel.

This history illustrates that oil’s performance has rarely been consistent. Wars, recessions, OPEC decisions, evolving energy policies, and numerous other factors have all played major roles.

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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 largely shaped by supply and demand dynamics, including expectations about future supply and demand influenced by geopolitics, OPEC+ actions, and other factors. In the U.S., policy shifts toward or away from domestic drilling can also impact prices. For example, the Trump administration in 2025 reversed previous restrictions and opened more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge to oil and gas leasing—contrasting with the Biden administration’s earlier stance limiting such activity in the region.

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

Oil prices fluctuate continuously throughout the trading day while futures markets are active. Futures markets function as auctions where participants agree to buy or sell oil contracts for future delivery. As long as traders are exchanging these contracts, the price of oil will keep changing.

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

In brief, shale rock contains trapped oil and natural gas. Think of shale as untapped energy reserves. The more accessible U.S. shale becomes, the greater the overall energy supply, which helps prevent oil prices from spiking dramatically.

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

Higher oil prices tend to drive up the cost of everyday goods. This affects not only direct energy expenses—like home heating and electricity—but also logistics, such as shipping, which raises the cost of transporting groceries and other products from farms and factories to stores.