Oil prices on May 14, 2026

(SeaPRwire) –   As of 8:30 a.m. Eastern Time today, oil traded at $107.82 per barrel using the Brent benchmark—$3.05 lower than yesterday’s morning price and approximately $41.50 higher than it was one year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$110.87	-2.75%
Price of oil 1 month ago	$98.93	+8.98%
Price of oil 1 year ago	$66.25	62.74%

Will oil prices go up?

Oil prices are inherently unpredictable. While many factors influence them, supply and demand remain the key drivers. During periods of heightened concern about recession, conflict, or other major disruptions, oil can experience sudden shifts.

How oil prices translate to gas pump prices

Each gallon you purchase at the pump reflects multiple costs. Crude oil is one component, but the final price also includes expenses from refineries, wholesalers, government taxes, and the markup charged by gas stations.

Because crude oil typically accounts for more than half of the retail price per gallon, its fluctuations have the greatest impact. Sharp increases in oil prices usually lead to quick rises at the pump. In contrast, declines in oil prices often result in slower, delayed reductions in gasoline prices—a phenomenon commonly referred to as the “rockets and feathers” effect.

The role of the U.S. Strategic Petroleum Reserve

In times of emergency, the United States maintains a reserve of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is to ensure energy security during disasters such as sanctions, severe storm damage, or war. It can also help moderate extreme price spikes when supply is disrupted.

However, this reserve is not a long-term solution. Instead, it serves as an immediate safety net to support consumers and sustain essential sectors of the economy—including critical industries, emergency services, public transportation, and others.

How oil and natural gas prices are linked

Oil and natural gas are two major fuels powering global operations. Significant changes in oil prices can influence natural gas markets. For instance, if oil prices rise, some industries may substitute natural gas for certain applications where feasible, thereby increasing demand for natural gas.

Historical performance of oil

The oil market generally follows two main benchmarks:

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

Between the two, Brent provides a clearer picture of global oil trends because it reflects the pricing of much of the world’s traded crude. It is also frequently used as the preferred indicator for tracking historical oil movements. Indeed, the U.S. Energy Information Administration now relies primarily on Brent in its Annual Energy Outlook.

Over several decades, oil under the Brent benchmark has demonstrated remarkable volatility. It has surged sharply due to events like wars and production cuts, while also plunging during global recessions or periods of oversupply (known as a “glut”). Key examples include:

• In the early 1970s, the first major oil shock occurred when Middle Eastern countries reduced exports and imposed an embargo on the U.S. and other nations amid the Yom Kippur War.
• Prices declined in the mid-1980s due to weaker demand and increased output from non-OPEC producers.
• In 2008, prices rose sharply alongside growing global demand but then collapsed during the financial crisis.
• During the 2020 COVID-19 lockdowns, oil demand plummeted to historic lows, pushing prices below $20 per barrel.

In summary, oil’s historical trajectory has been anything but steady. It remains highly sensitive to wars, economic downturns, OPEC decisions, evolving energy policies, and numerous other external forces.

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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 driven by supply and demand dynamics, including expectations about future supply and demand influenced by geopolitics, OPEC+ decisions, and similar factors. In the U.S., prices also respond to how supportive an administration is toward drilling, which can affect anticipated future supply. For example, in 2025, the Trump administration reopened over 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge to oil and gas leasing, reversing the Biden administration’s restrictions on Arctic drilling.

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

Oil prices fluctuate continuously when futures markets are active. A futures market functions like an auction where participants agree to buy or sell oil at a future date. So long as traders are exchanging contracts, the price of oil is constantly updating.

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

Shale is rock formations that contain trapped oil and natural gas—essentially untapped energy reserves. The greater the volume of accessible U.S. shale, the larger the available energy supply, helping prevent oil prices from spiking as severely.

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

High oil prices tend to raise the cost of everyday goods. This affects both direct energy expenses—such as heating and utility bills—and indirect costs tied to logistics. For example, shipping becomes more expensive, which can drive up prices at grocery stores by increasing the cost of transporting products from farms and warehouses to retailers.