Brent Crude Rises to $108.70, Putting Gas Prices in Focus
Brent crude stood at $108.70 per barrel at 7:15 a.m. Eastern Time on October 14, according to Fortune, up $1.41 from the previous morning and roughly $46…
Rising crude prices can eventually show up at the gas pump, though oil is not the only cost drivers pay. Oil prices today 2026 stood at $108.70 per barrel for Brent crude at 7:15 a.m. Eastern Time on October 14, according to Fortune.
The benchmark was up $1.41 from the previous morning and roughly $46 higher than at the same time a year earlier. The increase puts the focus on how movements in crude markets can affect fuel costs and other parts of the energy market.
Brent is the main global oil benchmark, while West Texas Intermediate is the main benchmark for North America. Fortune said Brent better represents global oil performance because it prices much of the world’s traded crude.
The pump price is not a direct copy of the crude price. Refining, wholesale distribution, taxes and the margin charged by a local station all contribute to what consumers pay.
Crude oil remains the largest single component, typically accounting for over half the cost of each gallon, Fortune reported. A sharp rise in oil prices tends to push gasoline prices higher quickly. When crude falls, pump prices often come down more slowly, a pattern known as “rockets and feathers.”
What drives oil prices today 2026
Supply and demand remain the main forces behind oil trading, according to Fortune. Expectations matter, too: news that could affect future supply or demand can move prices before any disruption or change in consumption takes place.
Fears of an economic slowdown, conflict or similar shocks can trigger sharp moves. Oil has historically reacted to wars, supply cuts, recessions and oversupply, Fortune said, making the benchmark far from steady over time.
Those changes can reach beyond fuel. A significant increase in oil prices may lead some industries to substitute natural gas for parts of their operations where possible. That shift can raise demand for natural gas, linking the two energy markets.
For consumers, the effect is uneven. Crude is a major part of gasoline costs, but other components also shape the final price and can slow the pass-through when oil declines. That means a fall in the benchmark does not necessarily bring immediate relief at the pump.
The United States also holds crude oil in the Strategic Petroleum Reserve for emergencies. Fortune said the reserve is intended to support energy security during events such as disasters, sanctions, severe storm damage or war, and can help ease sudden price increases when supply is disrupted.
The reserve is not a permanent solution. Its purpose is immediate support for consumers and to help keep critical parts of the economy operating, including key industries, emergency services and public transportation.
At $108.70 per barrel, Brent was roughly $46 above its level at the same time a year earlier, according to Fortune.
Source: fortune.com
