Fortune· 1h ago· 1 min read
By 6:30 a.m. Eastern Time today, oil had reached $92.65 per barrel, measured using the Brent benchmark. That's $3.12 more than it cost yesterday morning and about $19 above its price a year earlier.
Oil price per barrel % Change Price of oil yesterday $89.53 +3.48% Price of oil 1 month ago $74.38 +24.56% Price of oil 1 year ago $73.64 +25.81%
Will oil prices go up?
Oil prices are inherently unpredictable. While many variables come into play, the basic push and pull of supply and demand is what ultimately matters. In times of heightened concern about recession, war, or other major disruptions, oil can swing suddenly.
How oil prices translate to gas pump prices
Each gallon you pay for at the pump bundles together several costs. Crude oil is one piece, but you also pay for refineries, wholesalers, government taxes, and the price markup set by gas stations.
Because crude oil usually…
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