Brent crude was priced at $102.05 per barrel at 7:15 a.m. Eastern Time on Friday, November 6, 2026, according to Fortune's daily oil price report, republished on Yahoo Finance. The level is $2.53 above the price of $99.52 recorded the previous morning, a gain of 2.54%.
Compared with $103.38 one month earlier, the benchmark is down 1.28%. Against $64.04 a year earlier, the price is up 59.35%, or around $38 higher, according to the same report. Fortune identifies Brent as the main global oil benchmark because it prices much of the world's traded crude.
West Texas Intermediate (WTI) is cited as the main benchmark for North America. Fortune also notes that the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.
According to the report, oil prices ultimately reflect supply and demand. Geopolitical events, OPEC+ decisions, and concerns about economic recession can shift the outlook quickly. Futures markets, where buyers and sellers agree on prices for future delivery, update continuously while open, so the quoted price changes throughout the trading day.
Fortune explains that crude oil generally accounts for most of the per-gallon cost of gasoline, so crude price changes have a large effect on pump prices. Pump prices typically rise along with crude but often fall more slowly when crude retreats, a pattern the report describes as "rockets and feathers." Oil and natural gas are also linked: when oil prices rise, some industries may switch to natural gas where possible, increasing natural gas demand. The report describes the U.S.
Strategic Petroleum Reserve as an emergency store of crude oil, intended primarily for energy security during disasters, sanctions, or conflict. It can also provide temporary relief during supply shocks. Fortune describes oil's historical performance as volatile, citing the 1973 embargo during the Yom Kippur War, price declines in the mid-1980s, the spike and collapse around 2008, and the drop below $20 per barrel during the 2020 COVID-19 lockdowns.
Fortune's related coverage references the Iran war, including a headline stating that it has cost U.S. households nearly $2,000 each. The article does not provide further detail on how these developments are affecting the benchmark prices cited above. Source: Fortune, "Current price of oil as of November 6, 2026," via finance.yahoo.com.
Source: finance.yahoo.com