Brent Crude Oil Price Sits at $80.78 Per Barrel
As of June 17, 2026, at 9 a.m. Eastern Time, the price of Brent crude oil is $80.78 per barrel. This marks a decrease of 77 cents from the previous day and an increase of approximately $3.35 compared to the same time last year. Oil prices have seen significant fluctuations, dropping by 28.44% in the last month but rising by 4.32% over the past year.
At 9 a.m. Eastern Time on June 17, 2026, the price of Brent crude oil stands at $80.78 per barrel. This represents a 77-cent decrease since the previous morning. Compared to one month ago, the price has fallen by 28.44% from $112.89. However, the current price is approximately $3.35 higher than at this time last year, reflecting a 4.32% increase from $77.43.
Several factors influence oil prices, with supply and demand being the primary drivers. Economic slowdowns, conflicts, or other global shocks can cause sharp movements in prices.
The price consumers pay at the gas pump includes more than just crude oil costs. Refining, distribution, various taxes, and station margins are also factored in. Crude oil typically accounts for over half of each gallon's cost. While spikes in oil prices quickly push gas prices up, declines often lead to a gradual easing, a phenomenon known as “rockets and feathers.”
The U.S. maintains the Strategic Petroleum Reserve, a crude oil stockpile designed to safeguard energy security during emergencies such as sanctions, severe storms, or war. Its purpose is to provide immediate support to consumers and ensure critical sectors of the economy can continue operations.
Oil and natural gas prices are also linked. A significant change in oil prices can impact natural gas, as industries may substitute natural gas for oil in some operations if oil prices rise, thereby increasing demand for natural gas.
Two key benchmarks measure oil prices: Brent crude oil, the main global benchmark, and West Texas Intermediate (WTI), North America's primary benchmark. Brent is often considered a better representation of global oil performance due to its role in pricing much of the world's traded crude.
Historically, oil prices have been inconsistent, experiencing spikes from wars and supply cuts, and crashes linked to global recessions and oversupply. Notable examples include the oil shock of the early 1970s due to Middle East export cuts, price drops in the mid-1980s from weaker demand, a spike and crash around the 2008 global financial crisis, and a collapse to under $20 per barrel during the 2020 COVID lockdown.
According to Fortune, oil's performance has been significantly affected by wars, recessions, OPEC decisions, and evolving energy policies.
