As of 8:30 a.m. Eastern Time on June 1, 2026, Brent crude oil sold for $96.42 per barrel. The price was 14 cents higher than on May 31, 2026, and approximately $32 above its level on June 1, 2025, when it stood at $64.37 per barrel.
Brent crude oil is the main global benchmark for oil prices. On May 1, 2026, it had traded at $116.18 per barrel, meaning the June 1 price reflected a decline of nearly $20 from that monthly peak.
Oil prices are determined largely by supply and demand, including expectations about future supply and demand influenced by geopolitics and decisions by OPEC+. Prices change constantly during trading hours in the futures markets, reflecting real-time shifts in market sentiment and global conditions.
Crude oil typically accounts for more than half the price per gallon at the gas pump. Gas prices tend to rise quickly when oil prices increase but fall more slowly when oil prices drop, a phenomenon sometimes called 'rockets and feathers'.
Higher oil prices can contribute to inflation by increasing the cost of energy and logistics, which affects prices of consumer goods. Increased U.S. shale oil production can moderate oil price spikes by increasing supply, potentially limiting the pass-through effect to consumers.
Oil and natural gas prices can be linked because industries may switch to natural gas when oil prices rise, increasing demand for natural gas. The U.S. Strategic Petroleum Reserve is a store of crude oil intended for energy security during emergencies such as sanctions, severe storms, or war. The reserve can provide short-term relief during oil supply shocks to help consumers and critical sectors like emergency services and public transportation.
Historical oil price spikes occurred during the 1973 oil embargo and the 2008 global demand surge. In 2020, COVID-19 lockdowns caused a collapse in demand, driving prices below $20 per barrel. West Texas Intermediate (WTI) is the main benchmark for North American oil prices, while the U.S. Energy Information Administration uses Brent crude as its primary reference in its Annual Energy Outlook.