Price of Oil Today, Per Barrel
Live WTI crude, Brent crude, and natural gas prices, updated continuously during market hours.
Brent Crude Oil
International benchmark · Full chart
Natural Gas
Henry Hub · Full chart
What's Moving Oil Prices
Oil prices move on supply and demand signals: OPEC+ production decisions, geopolitical events in major producing regions, weekly US inventory reports from the EIA, and economic data that affects demand forecasts. The latest news covers current market drivers in detail.
The two main benchmarks, WTI and Brent, usually trade within a few dollars of each other. When that gap widens, it typically signals a regional supply event. During the current Hormuz crisis, Brent has traded at a larger premium to WTI because Middle East supply disruptions affect Brent-priced barrels more directly than US domestic production.
How the Price of Oil Is Quoted: Per Barrel
Oil is priced per barrel, a unit equal to 42 US gallons. When you see a crude oil price quoted as a single dollar figure, that is the cost of one barrel of that benchmark grade for the nearest futures month. A barrel near $80 works out to roughly $1.90 per gallon of crude, before refining, taxes, and distribution turn it into the pump price you pay for gasoline or diesel.
WTI and Brent are the two prices that matter most: WTI sets the US price, Brent sets the international price used for most of the world's crude. For where prices are heading through the rest of the year, read our WTI crude oil price outlook for 2026.
Price Pages
- WTI Crude Oil Price — US benchmark, full chart and history
- Brent Crude Oil Price — International benchmark
- Natural Gas Price — Henry Hub spot
Explainers
Frequently Asked Questions
What is the price of oil today?
The live prices above reflect the current WTI and Brent crude oil spot prices, updated continuously during market hours. WTI is the US benchmark; Brent is the international benchmark used for pricing most of the world's crude oil exports.
What is the difference between WTI and Brent crude?
WTI (West Texas Intermediate) is the US benchmark crude oil, priced at Cushing, Oklahoma. Brent crude is the international benchmark, originating in the North Sea. Brent typically trades at a small premium to WTI because it has direct waterborne access to global markets. During Middle East supply disruptions, the Brent premium tends to widen. Read more: WTI vs. Brent explained.
Why are oil prices going up or down today?
Oil prices respond to supply and demand changes in real time. Key drivers include OPEC+ production decisions, geopolitical events in major producing regions (particularly the Middle East), weekly EIA inventory reports, economic data affecting demand forecasts, and currency movements. Check the news feed for current market drivers.
How often do oil prices change?
Oil futures prices change continuously during trading hours. NYMEX (where WTI trades) and ICE (where Brent trades) are open nearly 24 hours a day on trading days. Prices can move significantly within a single session on unexpected news. Read more: What is NYMEX?
How much oil is in a barrel?
One barrel of crude oil equals 42 US gallons or approximately 159 liters. A barrel of crude typically yields about 19-20 gallons of gasoline, 11-12 gallons of diesel, and various other petroleum products including jet fuel, heating oil, and petrochemical feedstocks.
What is the Strategic Petroleum Reserve and how does it affect oil prices?
The Strategic Petroleum Reserve (SPR) is a US government emergency oil stockpile of about 700 million barrels stored in Gulf Coast salt caverns. During supply emergencies, the president can authorize a release to cushion price spikes. Releases help most against short, sharp disruptions; against prolonged blockades, the finite volume of the reserve limits their effectiveness. Read more: SPR releases explained.
How much is a barrel of oil today?
The live WTI and Brent prices at the top of this page are the current cost of one barrel, updated continuously during market hours. WTI is the US benchmark and Brent is the international benchmark, and the two usually trade within a few dollars of each other. The quoted price is for the nearest futures month. For the longer view, see our WTI price outlook for 2026.
What is the price of oil per gallon?
Divide the per-barrel price by 42 to get the crude price per gallon. A barrel at $84 is about $2.00 per gallon of crude oil. That is not the pump price: gasoline and diesel cost more because refining, taxes, and distribution are added on top of the raw crude. Read more: how gasoline prices are set.