Oil price as of April 10, 2026

(SeaPRwire) –   As of 9 a.m. Eastern Time today, the price of oil stood at $97.78 per barrel, using Brent crude as the benchmark (different benchmarks will be detailed later). This represents an increase of $4.02 from yesterday’s price and is approximately $31 higher than the cost one year ago.

	Oil price per barrel	% Change
Price of oil yesterday	$93.76	+4.28%
Price of oil 1 month ago	$108.90	10.21%
Price of oil 1 year ago	$63.68	+53.54%

Will oil prices go up?

Predicting oil prices with exact accuracy is not possible. The market is influenced by numerous factors, though it fundamentally comes down to supply and demand. Concerns about economic recession, conflict, and other major disruptions can cause oil’s trajectory to change rapidly.

How oil prices translate to gas pump prices

The price of gasoline is not solely based on crude oil. It also incorporates the costs of refining and transportation, applicable taxes, and the profit margin added by the local station.

Because crude oil constitutes the largest portion of the per-gallon cost, fluctuations in its price have a significant effect. Gas prices usually follow oil prices upward. However, when oil prices fall, gasoline prices frequently decrease more slowly, a phenomenon often referred to as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

For emergency situations, the United States maintains a stockpile of crude oil called the Strategic Petroleum Reserve. Its main goal is to ensure energy security during disasters (such as sanctions, major storm damage, or war). It can also be instrumental in mitigating severe price increases during supply disruptions.

This reserve is not a permanent solution but is intended to offer short-term assistance, helping consumers and supporting vital economic sectors like key industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas are both essential everyday energy sources. Consequently, a substantial shift in oil prices can influence natural gas. For instance, if oil becomes more expensive, some industrial users might switch to natural gas where feasible, thereby raising demand for it.

Historical performance of oil

Oil performance is typically measured using two primary benchmarks:

• Brent crude oil, the principal global benchmark.
• West Texas Intermediate (WTI), the primary North American benchmark.

Of the two, Brent is a more accurate reflection of global oil performance as it is used to price a large volume of internationally traded crude. It is also generally the preferred metric for tracking historical trends. The U.S. Energy Information Administration, for example, now uses Brent as its main benchmark in its Annual Energy Outlook.

Examining the Brent benchmark over decades reveals a history of volatility. Prices have surged due to events like wars and supply reductions, and have crashed during global recessions or periods of oversupply (a “glut”). Specific instances include:

• The first major oil shock in the early 1970s, triggered by Middle Eastern export cuts and an embargo against the U.S. and other nations during the Yom Kippur War.
• A price decline in the mid-1980s caused by factors like reduced demand and the emergence of more non-OPEC oil producers.
• A sharp increase in 2008 driven by rising global demand, followed by a steep drop during the global financial crisis.
• A historic collapse in demand during the 2020 COVID-19 lockdowns, which pushed prices under $20 per barrel.

In summary, oil’s historical performance has been highly volatile. It remains heavily influenced by wars, economic downturns, OPEC decisions, changing energy policies, and numerous other factors.

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Frequently asked questions

How is the current price of oil per barrel actually determined?

The price per barrel is primarily driven by supply and demand dynamics, including expectations about future conditions (geopolitical events, OPEC+ decisions, etc.). In the United States, prices can also be affected by an administration’s stance on drilling, as this influences future supply. For example, in 2025, the Trump administration acted to reopen over 1.5 million acres in the Arctic National Wildlife Refuge’s Coastal Plain for oil and gas leasing, reversing the prior Biden administration’s restrictions on Arctic drilling.

How often does the price of oil change during the day?

The price of oil fluctuates continuously during trading hours on the futures markets. A futures market is essentially an auction for contracts to buy or sell oil at a future date. The price changes with every transaction as long as contracts are being traded.

How does U.S. shale oil production affect the current price of oil?

Shale is a type of rock that holds oil and natural gas reserves. It represents untapped energy potential. Increased U.S. shale extraction leads to greater energy supply, which can help prevent major price spikes.

How does the current price of oil impact inflation and the broader economy?

Higher oil prices typically lead to increased costs for everyday goods. This is partly due to direct energy costs (like heating and utilities), but also because of the transportation logistics required to deliver products. For instance, shipping expenses influence grocery store prices, as moving goods from farms and warehouses to shelves becomes more costly.