Current price of oil as of March 18, 2026

Oil Price Overview - The current price of oil is $108.78 per barrel, an increase of $5.80 from the previous day and approximately $38 higher than the same time last year [1] - The price of oil has seen significant increases over the past month and year, with a 60.91% rise from one month ago ($67.60) and a 54.14% increase from one year ago ($70.57) [2] Factors Influencing Oil Prices - Oil prices are primarily driven by supply and demand, with external factors such as economic slowdowns and geopolitical conflicts also playing a role [3] - The relationship between oil and natural gas prices indicates that an increase in oil prices may lead to higher demand for natural gas as industries may switch energy sources [7] Impact on Gas Prices - Crude oil constitutes over half of the cost at the gas pump, meaning spikes in oil prices typically lead to immediate increases in gas prices, while declines in oil prices result in a more gradual decrease in gas prices, a phenomenon referred to as "rockets and feathers" [5] - The price at the gas pump also includes costs related to refining, distribution, taxes, and retailer margins, indicating that oil prices are not the sole determinant of gas prices [4] Strategic Petroleum Reserve - The U.S. maintains a Strategic Petroleum Reserve to ensure energy security during emergencies, which can help mitigate sudden price increases due to supply disruptions [5][6] Historical Context - Brent crude oil is recognized as the main global oil benchmark, providing a better representation of global oil performance compared to West Texas Intermediate (WTI), which is primarily used in North America [8][9]