Current price of oil as of May 5, 2026
As of 8:45 a.m. Eastern Time on May 5, 2026, oil is trading at $116.55 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $1.54 above yesterday morning’s level and about $56 higher than where it stood a year ago. Oil price per barrel% Change Price of oil yesterday$115.01+1.33%Price of oil 1 month ago$112.42+3.67%Price of oil 1 year ago$60.91+91.34% Check Out Our Daily Rates Reports Discover the highest high-yield savings rates, up to 5% for May 6, 2026. Discover the highest CD rates, up to 4.20% for May 6, 2026. Discover the top CD rates from major banks on May 6, 2026. Discover the current mortgage rates for May 6, 2026. Discover current refi mortgage rates report for May 6, 2026. Discover current ARM mortgage rates report for May 6, 2026. Discover the current price of gold for May 6, 2026. Discover the current price of silver for May 6, 2026. Will oil prices go up? No one can say for sure where oil prices will go next. Many forces shape the market—but at the core, it’s still about supply and demand. When risks like a potential recession or war ramp up, oil prices can change direction quickly. How oil prices translate to gas pump prices When you buy gas at the pump, you’re covering more than the cost of crude oil. You’re also paying for every step in the process, including refineries, wholesalers, taxes, and the markup your local gas station adds. Even so, crude oil has the biggest influence on what you pay, often making up more than half the cost per gallon. When oil prices jump, gas prices usually climb right along with them. But when oil falls, gas prices often slip much more slowly—a pattern sometimes called “rockets and feathers.” The role of the U.S. Strategic Petroleum Reserve If an emergency hits, the U.S. keeps a backup supply of crude oil called the Strategic Petroleum Reserve. It’s mainly there to protect energy security during crises, such as sanctions, catastrophic storm damage,