As of 11 a.m. Eastern Time on September 28, 2026, Brent crude oil was trading at $104.46 per barrel, according to reporting from Fortune. This represented a gain of $1.71 compared to the prior business day and reflected an approximate increase of $37.13 over the past twelve months.
Oil price movements are fundamentally driven by supply and demand dynamics. External factors such as economic downturns, geopolitical tensions, and supply disruptions can cause rapid shifts in crude prices. The interconnected nature of energy markets means that significant crude oil price movements typically translate directly into higher gasoline prices at the pump for consumers.
The retail price of gasoline encompasses more than just crude oil costs. Consumers pay for multiple components along the supply chain, including refinery operations, wholesale distribution, taxes, and local station markups. Nevertheless, crude oil prices account for more than half of the final per-gallon retail price, making them the dominant factor in determining what consumers pay at gas stations.
A notable market characteristic known as the "rockets and feathers" phenomenon describes the asymmetric speed at which gasoline prices adjust. When crude oil prices spike, retail gasoline prices tend to follow quickly, but when oil prices decline, gas station prices typically take longer to adjust downward. The United States maintains the Strategic Petroleum Reserve as a buffer against supply shocks and energy security threats.
While not a long-term solution, the reserve can provide immediate price relief during crises such as conflict, severe weather events, or supply disruptions, thereby supporting critical economic functions including transportation, emergency services, and essential industries. Oil and natural gas markets are interconnected. Rising oil prices can increase demand for natural gas as industries switch between fuel sources where operationally feasible.
Brent crude serves as the primary global oil benchmark and is widely used to assess worldwide oil market performance. West Texas Intermediate (WTI) functions as the primary benchmark for North American crude oil. Brent better represents global oil dynamics and is now the main reference point used by the U.S.
Energy Information Administration in its Annual Energy Outlook. Source: Fortune, September 28, 2026
Source: finance.yahoo.com