Current price of oil as of May 19, 2026

As of 9:20 a.m. Eastern Time on May 19, 2026, oil is trading at $112.93 per barrel, according to the Brent benchmark. This represents an increase of $2.85 compared to the previous morning and is approximately $47 higher than the price recorded a year prior.

Time Period	Oil price per barrel	% Change
Price of oil yesterday	$110.08	+2.58%
Price of oil 1 month ago	$93.27	+21.07%
Price of oil 1 year ago	$65.77	+71.70%

Will oil prices go up?

The future trajectory of oil prices remains uncertain. Various factors influence the market, but the underlying principle is the balance of supply and demand. In times of heightened risks, such as potential recessions or geopolitical conflicts, oil prices can fluctuate rapidly.

How oil prices translate to gas pump prices

When consumers purchase gasoline, they are paying not only for the cost of crude oil but also for various additional expenses involved in production and distribution. These include refining, wholesaling, taxes, and the markup applied by local gas stations.

Despite these factors, crude oil prices have the most significant impact on gasoline costs, often accounting for more than half of the price per gallon. Consequently, when oil prices rise, gasoline prices tend to follow closely. Conversely, when oil prices decrease, it is common for gasoline prices to decline at a slower rate, a phenomenon often referred to as "rockets and feathers."

The role of the U.S. Strategic Petroleum Reserve

To prepare for emergencies, the United States maintains a contingency supply of crude oil known as the Strategic Petroleum Reserve (SPR). This reserve is primarily intended to safeguard energy security during crises, such as foreign sanctions, severe weather events, or armed conflicts. Additionally, it serves to provide temporary relief in situations where abrupt supply disruptions lead to skyrocketing prices.

The SPR is not designed to address long-term supply issues; rather, it aims to offer immediate assistance to consumers and sustain critical sectors of the economy, including essential industries, emergency services, and public transportation.

How oil and natural gas prices are linked

Oil and natural gas serve as two cornerstone energy sources globally. Significant fluctuations in oil prices can also impact natural gas prices indirectly. For instance, should oil prices rise, certain industries might opt to substitute natural gas for oil in various processes where feasible, resulting in increased demand for natural gas.

Historical performance of oil

Two primary benchmarks are essential when assessing oil market performance:

• Brent crude oil serves as the dominant global oil benchmark.
• West Texas Intermediate (WTI) is the principal benchmark in North America.

Brent is particularly informative regarding global oil trends, as it reflects a substantial portion of the world’s traded crude oil. It has also become the key reference point for tracking historical oil trends, with the U.S. Energy Information Administration now using Brent as its primary benchmark in the Annual Energy Outlook.

Analysis of Brent crude over the decades reveals a history marked by volatility, influenced by various geopolitical events and supply decisions. Notable occurrences include:

• The early 1970s marked the first significant oil shock when Middle Eastern nations curtailed exports and imposed an embargo on the U.S. during the Yom Kippur War.
• Prices subsequently fell in the mid-1980s due to decreasing demand and the entry of non-OPEC oil producers into the market.
• A surge in prices occurred in 2008, driven by increasing global demand, but this was followed by a collapse during the global financial crisis.
• The COVID-related lockdowns in 2020 led to an unprecedented drop in oil demand, with prices plummeting below $20 per barrel.

In conclusion, the historical performance of oil demonstrates considerable instability, heavily influenced by conflicts, economic downturns, OPEC decisions, and evolving energy policies.

Frequently asked questions

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

The current price of oil per barrel is primarily determined by the dynamics of supply and demand, which can be influenced by geopolitical events and statements made by OPEC+. In the United States, the regulatory environment, particularly the administration's stance on drilling, can also play a crucial role in shaping future oil supply. For example, in 2025, the Trump administration initiated the reopening of over 1.5 million acres in the Arctic National Wildlife Refuge for oil and gas leasing, reversing previous Biden administration policies that restricted oil drilling in that region.

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

The price of oil is continually updated during the operational hours of the futures markets. These markets resemble an auction where participants agree to buy or sell oil for future delivery, leading to frequent fluctuations in oil pricing based on ongoing trading activities.

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

In essence, shale refers to rock formations that contain oil and natural gas, representing untapped energy resources. An increase in U.S. shale oil production enhances overall energy availability, which can help mitigate abrupt spikes in oil prices due to augmented supply.

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

Elevated oil prices typically lead to increased costs for various everyday goods and services due to the associated energy expenses. This includes direct effects on energy utilities but extends to the logistical complexities involved in distributing products. For instance, higher shipping costs can inflate grocery prices as transporting goods from farms and warehouses to retail shelves becomes more expensive.