Oil price on March 24, 2026

(SeaPRwire) –   At 8:15 a.m. Eastern Time today, oil is trading at $102.47 per barrel according to the Brent benchmark, which will be explained later. This represents a $1.03 increase from yesterday morning and a $29.44 rise compared to a year ago.

	Oil price per barrel	% Change
Oil price from yesterday	$101.44	+1.01%
Oil price from 1 month ago	$71.58	+43.15%
Oil price from 1 year ago	$73.03	+40.31%

Will oil prices go up?

It’s impossible to predict with certainty where oil prices will head next. Numerous factors influence the market, but fundamentally, it remains a matter of supply and demand. When threats such as a possible recession or conflict intensify, oil prices can shift rapidly.

How oil prices translate to gas pump prices

When purchasing gasoline at the pump, you’re paying for more than just the crude oil itself. You’re also covering every stage of the process, including refining, distribution, taxes, and the profit margin added by your local gas station.

Nevertheless, crude oil exerts the greatest impact on your final cost, frequently accounting for over half of the price per gallon. When oil prices surge, gasoline prices typically rise in tandem. However, when oil prices decline, gasoline prices often decrease much more gradually—a phenomenon known as ‘rockets and feathers.’

The role of the U.S. Strategic Petroleum Reserve

In case of an emergency, the U.S. maintains a reserve supply of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is to safeguard energy security during crises such as sanctions, severe storm damage, or even war. It can also help mitigate the impact when supply disruptions cause prices to spike.

It is not designed to address long-term issues. Rather, it offers immediate relief to consumers and helps maintain the operation of critical economic sectors, including essential industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas represent two of the world’s main energy sources. Significant fluctuations in oil prices can consequently influence natural gas prices. For instance, if oil prices rise, certain industries may switch to natural gas for portions of their operations where feasible, thereby increasing demand for natural gas.

Historical performance of oil

When examining oil’s performance, two primary benchmarks are prominent:

• Brent crude oil serves as the primary global benchmark for oil.
• West Texas Intermediate (WTI) functions as the main benchmark for North America.

Between the two, Brent provides a more accurate representation of global oil performance because it prices a significant portion of the world’s traded crude. It is also the standard reference for monitoring oil’s historical trends. Indeed, even the U.S. Energy Information Administration now depends on Brent as its main reference in its Annual Energy Outlook.

Examining the Brent benchmark across several decades reveals that oil has been highly volatile. It has undergone sharp increases associated with wars and supply reductions, as well as steep declines connected to global recessions and excess supply (referred to as a ‘glut’). For instance:

• The early 1970s brought the first major oil crisis when the Middle East cut exports and imposed an embargo on the U.S. and other nations during the Yom Kippur War.
• In the mid-1980s, prices declined due to reduced demand and the entry of new non-OPEC oil producers into the market.
• Prices spiked again in 2008 as global demand increased, but subsequently collapsed along with the global financial crisis.
• During the 2020 COVID-19 lockdowns, oil demand dropped to unprecedented levels, driving prices below $20 per barrel.

In summary, oil’s historical performance has been extremely volatile. Once again, it is heavily affected by wars, recessions, OPEC decisions, changing energy policies, and numerous other factors.

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Frequently asked questions

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

The current per-barrel price of oil is largely determined by supply and demand dynamics, including news regarding potential future supply and demand (such as geopolitics and OPEC+ decisions). In the U.S., prices are also influenced by how supportive an administration is toward drilling, as this can impact future supply. For instance, in 2025, the Trump administration reopened over 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of restricting Arctic oil drilling.

How frequently does the price of oil change throughout the day?

Oil prices update continuously when the ‘futures’ markets are operational. A futures market functions essentially as an auction where participants agree to buy or sell oil at a future date. As long as individuals and companies are trading contracts, oil prices keep fluctuating.

How does U.S. shale oil production influence current oil prices?

In essence, shale is rock that holds oil and natural gas. Consider shale as untapped energy reserves. The more shale the U.S. develops, the more energy resources we’ll possess—and the more effectively oil prices can be prevented from surging excessively due to increased supply.

How does the current price of oil affect inflation and the overall economy?

When oil becomes expensive, it typically drives up the cost of everyday goods. This impact relates not only to energy costs (such as heating and gas utilities) but also to the logistics required to make products available to consumers. For example, shipping expenses can influence grocery store prices, as it becomes costlier to transport products from warehouses and farms to store shelves.