Oil prices as of May 19, 2026

(SeaPRwire) –   As of 9:20 a.m. Eastern Time today, oil is trading at $112.93 per barrel using the Brent benchmark, which we will explain shortly. This represents an increase of $2.85 from yesterday morning and approximately $47 more than its price one year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$110.08	+2.58%
Price of oil 1 month ago	$93.27	+21.07%
Price of oil 1 year ago	$65.77	+71.70%

Will oil prices go up?

It is impossible to predict with certainty where oil prices will move next. Numerous factors influence the market—but fundamentally, supply and demand remain central drivers. When risks such as a possible recession or conflict intensify, oil prices can shift rapidly in response.

How oil prices translate to gas pump prices

Purchasing gasoline involves more than just the cost of crude oil. You also pay for every stage of production and distribution—including refining, wholesale handling, taxes, and the markup added by your local station.

Nonetheless, crude oil typically has the greatest impact on what you pay, often accounting for over half the price per gallon. When oil prices rise sharply, gas prices usually follow suit. However, when oil prices decline, gas prices tend to fall more slowly—a phenomenon commonly referred to as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

In case of emergency, the United States maintains a backup stockpile of crude oil known as the Strategic Petroleum Reserve. It is primarily intended to safeguard energy security during crises—such as sanctions, major storm damage, or war—and can help moderate price spikes caused by sudden supply disruptions.

However, it is not designed to resolve long-term structural issues. Instead, it offers immediate relief to consumers and supports essential economic functions, including critical industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas are among the world’s principal energy sources. Significant changes in oil prices can indirectly affect natural gas markets. For example, if oil becomes more expensive, certain industries may substitute natural gas for specific uses where feasible, thereby increasing demand for natural gas.

Historical performance of oil

When evaluating oil’s performance, two benchmarks stand out:

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

Between the two, Brent provides a broader view of worldwide oil trends because it reflects a large portion of globally traded crude. It is also widely used to track historical movements in oil pricing. In fact, even the U.S. Energy Information Administration now relies primarily on Brent in its Annual Energy Outlook report.

Examining the Brent benchmark across multiple decades reveals that oil has never been stable. It has experienced dramatic surges linked to wars and supply cuts, along with sharp declines tied to global recessions and periods of oversupply—what is sometimes called a “glut.” Notable examples include:

• The early 1970s saw the first major oil crisis when Middle Eastern producers cut exports and imposed an embargo on the U.S. and other nations amid the Yom Kippur War.
• Prices dropped in the mid-1980s due to weaker demand and increased output from non-OPEC countries entering the market.
• In 2008, prices climbed as global demand grew but then collapsed alongside the global financial crisis.
• During the 2020 COVID-19 lockdowns, oil demand fell dramatically, pushing prices below $20 per barrel.

In summary, oil’s historical trajectory has been far from steady. Its behavior remains heavily influenced by wars, recessions, OPEC decisions, evolving energy policies, and many other variables.

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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 anticipated future conditions influenced by geopolitical events and actions taken by OPEC+. In the U.S., prices also respond to the political stance of the administration toward drilling, since this can affect future supply availability. For instance, during 2025, the Trump administration reopened more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s restrictions on drilling in the region.

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

The price of oil fluctuates continuously while futures markets are active. A futures market functions like an auction where participants agree to buy or sell oil at a future date. As long as contracts are being traded, the price of oil updates in real time.

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

Shale rock contains trapped oil and natural gas. Think of shale as untapped energy reserves. The greater access the U.S. gains to these resources, the larger its energy supply becomes—and the better equipped it is to prevent extreme price volatility caused by supply shortages.

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

Higher oil prices generally raise the cost of everyday goods. This affects both direct energy expenses—like heating and electricity—and indirect costs tied to logistics. For example, shipping goods from farms and factories to stores becomes more expensive, which can drive up prices at grocery stores and elsewhere.