As of 8:30 a.m. Eastern Time today, oil is trading at $81.55 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $3.07 below yesterday morning’s level and about $9 higher than where it stood a year ago.
Oil price per barrel% ChangePrice of oil yesterday$84.62-3.62%Price of oil 1 month ago$111.91-27.12%Price of oil 1 year ago$72.81+12.00%Price of oil yesterdayOil price per barrel$84.62% Change-3.62%Price of oil 1 month agoOil price per barrel$111.91% Change-27.12%Price of oil 1 year agoOil price per barrel$72.81% Change+12.00%
Will oil prices go up?
No one can say for sure where oil prices will go next. Many forces shape the market—but at the core, it’s still about supply and demand. When risks like a potential recession or war ramp up, oil prices can change direction quickly. The latest peace deal with Iran sees the Strait of Hormuz finally reopening, with oil prices dropping as a result.
How oil prices translate to gas pump prices
