Brent crude traded at $115.41 per barrel on October 26 — Fortune

As of 8:15 a.m. U.S. Eastern Time on October 26, Brent crude was trading at $115.41 per barrel. This was 23 cents lower than on the morning of the previous day, when the price stood at $115.64, Fortune reports.

Over the month, Brent quotations rose by 13.30%: a month ago, a barrel cost $101.86. Year on year, the price increased by $49.48, or 75.04%, from $65.93 per barrel.

Factors affecting oil prices

The price of oil depends on supply and demand, as well as market participants' expectations regarding future deliveries and consumption. Quotations may be affected by geopolitical events, OPEC+ decisions, and the risks of an economic downturn.

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During futures contract trading, prices are constantly updated as market participants make deals for future deliveries. Brent is the main global benchmark for assessing oil prices, while West Texas Intermediate, or WTI, is considered a key benchmark for North America.

Impact on fuel and inflation

The cost of crude oil is one of the main components of the retail fuel price, although it is also affected by refining costs, wholesale supply, taxes, and gas station markups. Rising oil quotations usually increase transportation and energy costs, which may affect the prices of everyday goods.

Fortune also notes that a significant increase in oil prices can affect demand for natural gas: some businesses may replace oil with gas in processes where this is possible. This, in turn, increases demand for natural gas.