LemonTrades
TL;DR
- The live price is below. There are two benchmarks: WTI for US oil and Brent for the rest of the world.
- A barrel holds 42 gallons, so divide by 42 for the cost of crude in each gallon.
- In early November, oil eased into the high $80s and low $90s on hopes for diplomacy with Iran, and it’s far above last year’s prices.
- LemonTrades tells you what moved oil, and why, within seconds, with alerts on sharp moves.
Here’s what a barrel of oil costs right now, updated every minute.
Why are there two oil prices?
- WTI is light US crude, delivered at Cushing, Oklahoma, and it trades on the NYMEX.
- Brent comes from the North Sea and is used to price most of the world’s oil. It trades on ICE.
Brent usually costs a few dollars more, because it’s easier to ship anywhere by sea. Right now, Brent is $– above WTI.
What moves the price of oil
- War and politics: trouble around Iran and the Strait of Hormuz, which a large share of the world’s oil sails through.
- OPEC+: how much its members decide to pump.
- US supply: the weekly EIA report, every Wednesday.
- The economy: slower growth means less fuel burned.
- The dollar: oil is priced in dollars, so a stronger dollar tends to weigh on it.
Is this high?
| When | WTI per barrel | What happened |
|---|---|---|
| July 2008 | About $147 | Record high, before the financial crisis |
| April 2020 | Below zero, about −$37 | Covid emptied roads and storage ran out |
| Today | $– | Tension with Iran |
What it means at the pump
Crude is the biggest single cost in gas, so a move in oil shows up at the pump within a week or two. See are gas prices going up and how many gallons are in a barrel. Want to trade it? See how to trade oil.
Sources
- EIA: factors affecting gasoline prices
- EIA: refining crude oil
- EIA: Short-Term Energy Outlook
- AAA: national average falls 12 cents in one week (November 5, 2026)
Education, not financial advice. See our disclaimer.
