Current price of oil as of May 1, 2026
As of May 1, 2026, oil is priced at $116.10 per barrel, with Brent crude serving as the global benchmark, reflecting a $1.44 increase from the previous day and a significant rise of over $53 from the prior year. This surge underscores the volatility driven by global supply and demand dynamics, including geopolitical tensions and economic shifts. While crude oil prices heavily influence gasoline costs, other factors like refining, taxes, and distribution also contribute, often causing gas prices to fall more slowly than they rise.
- ▪Oil is priced at $116.10 per barrel as of May 1, 2026.
- ▪This is $53.46 higher than the price of $62.64 per barrel one year ago.
- ▪Brent crude is the main global benchmark, while West Texas Intermediate (WTI) is used primarily in North America.
Opening excerpt (first ~120 words) tap to expand
At 8:45 a.m. Eastern Time today, oil was priced at $116.10 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a rise of $1.44 compared with yesterday morning and around $53.46 higher than the price one year ago. Oil price per barrel% ChangePrice of oil yesterday$114.66+1.25%Price of oil 1 month ago$112.17+3.50%Price of oil 1 year ago$62.64+85.34%Price of oil yesterdayOil price per barrel$114.66% Change+1.25%Price of oil 1 month agoOil price per barrel$112.17% Change+3.50%Price of oil 1 year agoOil price per barrel$62.64% Change+85.34% Will oil prices go up? It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
Discussion
0 commentsMore from Fortune
