As of 11 a.m. Eastern Time on September 28, 2026, Brent crude oil traded at $104.46 per barrel, marking a $1.71 increase from the previous business day when prices closed at $102.75 per barrel, according to Fortune. This represents a gain of 1.66% from the prior trading session.
On a broader timeline, oil prices have demonstrated significant strength over the past year. One month prior to the current date, Brent crude was priced at $90.64 per barrel, indicating a 15.25% increase over that month-long period. Looking back further, the benchmark crude oil price has risen approximately $37.13 over the past twelve months, climbing from $67.33 per barrel one year ago—a substantial 55.15% year-over-year increase.
The movement of oil prices remains fundamentally driven by supply and demand dynamics, with geopolitical tensions, economic outlooks, and policy decisions playing significant roles in price trajectory. According to Fortune's analysis, predicting future oil price movements remains inherently challenging due to the multiple variables that influence global energy markets. Brent crude serves as the primary global oil benchmark and is now the reference point used by the U.S.
Energy Information Administration in its Annual Energy Outlook. This contrasts with West Texas Intermediate (WTI), which remains the primary North American benchmark. Brent's broader application reflects its coverage of much of the world's traded crude oil.
The relationship between crude oil prices and retail gas prices remains direct but complex. While crude oil typically accounts for more than half the price per gallon at the pump, consumers also pay for refining, wholesale distribution, taxes, and local gas station markups. Historically, gas prices tend to rise quickly when oil prices spike but decline more slowly when crude prices fall—a dynamic sometimes referred to as "rockets and feathers." Beyond immediate price impacts, elevated oil costs influence broader economic measures including inflation and transportation costs.
Higher crude prices increase expenses across the supply chain, from shipping goods to warehouses and retail locations, ultimately affecting consumer prices for everyday items.
Source: fortune.com