Brent crude oil reached $104.67 per barrel by 10 a.m. Eastern Time on September 24, 2026, according to Fortune reporting. This represents a gain of $2.64 from the previous day's closing price of $102.03 per barrel, reflecting a daily increase of 2.58 percent.
When measured against longer time horizons, the current price demonstrates significant upward momentum. One month prior to September 24, Brent crude was trading at $94.42 per barrel, marking a one-month gain of 10.85 percent. Year-over-year comparison shows even more substantial appreciation, with oil priced at $68.94 per barrel on September 24, 2025, indicating a one-year increase of 51.82 percent.
According to Fortune's analysis, oil prices remain inherently unpredictable due to the complex interplay of multiple variables. The fundamental driver of price movement stems from basic supply and demand dynamics. However, oil prices can experience sudden and dramatic swings during periods of heightened concern regarding recession, geopolitical conflict, or other major economic disruptions.
Fortune notes that crude oil typically accounts for more than half of the price consumers pay per gallon at the pump, making it the most influential cost component alongside refinery expenses, wholesaler markups, government taxes, and retail station margins. Sharp increases in crude oil prices generally translate quickly to higher gas pump prices, though price declines tend to manifest more slowly in consumer fuel costs—a phenomenon known as the "rockets and feathers" effect. The Brent crude benchmark represents the main global oil pricing standard and offers a clearer perspective on worldwide oil market performance than West Texas Intermediate (WTI), which serves as North America's primary benchmark.
The U.S. Energy Information Administration has adopted Brent as its primary reference point for its Annual Energy Outlook. Historically, oil prices have demonstrated extreme volatility driven by geopolitical events, OPEC production decisions, global economic cycles, and evolving energy policies.
Major historical disruptions include the 1973 Middle East oil embargo during the Yom Kippur War, the mid-1980s price decline resulting from reduced demand and increased non-OPEC production, the 2008 financial crisis-driven collapse, and the 2020 COVID-19 pandemic lockdown that pushed prices below $20 per barrel. Source: Fortune, article by Joseph Hostetler, September 24, 2026.
Source: fortune.com