Brent rises to $108.51 per barrel on October 16, 2026 — Fortune

The price of benchmark Brent crude oil stood at $108.51 per barrel as of 7:45 a.m. U.S. Eastern Time on October 16. This was $1.84, or 1.72%, higher than on the morning of the previous day, Fortune reports.

The day before, a barrel of Brent cost $106.67. A month earlier, the price was $109.73, meaning the current figure was 1.11% lower. At the same time, oil has risen by 77.21% over the year: on October 16, 2025, Brent traded at $61.23 per barrel.

What affects quotations

The price of oil changes throughout the day during futures contract trading. The market is influenced by the balance of supply and demand, as well as expectations regarding future consumption and production volumes. Among the factors capable of rapidly changing the dynamics of quotations, the publication cites fears of recession, war, and other large-scale shocks.

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Brent is the main global benchmark for assessing oil prices, while West Texas Intermediate, or WTI, is the main benchmark for North America. Historically, oil prices have changed sharply because of wars, supply restrictions, global economic downturns, and oversupply.

Impact on fuel prices

The cost of crude oil is a significant component of the retail price of gasoline, but prices at filling stations are also affected by refining and transportation costs, taxes, and the seller's markup. Rising oil quotations usually increase fuel prices, while a decline in raw material prices may be reflected in retail prices with a delay.

More expensive oil can also affect other household and business costs, including heating, utility energy services, and logistics. Higher transportation costs may affect the prices of goods delivered from warehouses and farms to stores.