Current price of oil as of November 11, 2026

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When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

At 7:30 a.m. Eastern Time today, the price of oil sits at $95.72 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $2.74 since yesterday morning and roughly $30 more than at this time last year.

Nobody can predict the future path of oil prices with certainty. A range of factors influence how oil trades, yet supply and demand remain the main drivers. When fears of economic slowdown, conflict, or similar shocks rise, oil prices can move sharply.

The price you see at the gas pump reflects more than just crude oil. Also built in are the costs of refining, distribution through wholesalers, various taxes, and the margin your neighborhood station charges.

Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon’s cost. Spikes in oil prices tend to push gas prices higher in short order. But when oil prices decline, gas prices often ease down gradually, a behavior known as “rockets and feathers.”

In the event of an emergency, the U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve. Its main goal is to safeguard energy security when disasters strike—think sanctions, severe storm damage, or war. It can also do a lot to ease the pain of sudden price jumps when supply gets disrupted.

It’s not a permanent fix, as it’s more meant to provide immediate support for consumers and ensure critical parts of the economy like key industries, emergency services, public transportation, and so on can keep operating.

Both oil and natural gas play key roles as major sources of energy. A big change in oil prices can affect natural gas by proxy. If oil prices increase, some industries may swap natural gas for some segments of their operations where possible, increasing the demand for natural gas.

Between the two, Brent is a better representation of global oil performance because it prices much of the world’s traded crude.

When you look at the Brent benchmark…

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