Oil at $97.44 a Barrel as Markets Watch Supply

oil price – As of 9 a.m. Eastern Time on June 5, 2026, oil is priced at $97.44 per barrel—down from $97.95 the previous morning—and the story quickly turns to what that means for gas prices, inflation, and how quickly markets can change.

At 9 a.m. Eastern Time today, oil was priced at $97.44 per barrel, with Brent serving as the benchmark. That was a drop of 51 cents compared with yesterday morning, and it sat around $32 higher than the price one year ago.

The numbers move, but the message stays sharp: the market isn’t sitting still. Oil price yesterday was $97.95 (-0.52%). Oil price 1 month ago was $118.68 (-17.89%). Oil price 1 year ago was $65.74 (+48.22%).

Will oil prices go up?. The answer isn’t a promise—it’s a constraint. Forecasting oil prices with detailed precision is impossible because the market reacts to many different forces. Supply and demand are the core drivers. but the pace of change can feel sudden when worries about economic recession. war. and other large-scale disruptions build and then shift.

That volatility doesn’t stay on trading screens. Gas prices at the pump don’t only track crude oil. They also reflect what it takes to refine and move fuel. the taxes layered on top. and the extra markup your local station adds to stay in business. Still. crude oil generally makes up a majority of the per-gallon cost. which is why changes in its price often ripple into what drivers pay.

But the pattern isn’t always perfectly symmetrical. When oil surges, gas prices typically rise in tandem. When oil retreats, gas prices often lag on the way down—sometimes described as “rockets and feathers.”

When supply shocks become more severe, the U.S. has one tool it can reach for: the Strategic Petroleum Reserve. In case of emergency, the U.S. store of crude oil is designed primarily for energy security during disaster—sanctions, severe storm damage, even war. It can also provide temporary relief during supply shocks. aiming to soften crippling price hikes and help keep critical parts of the economy running. including key industries. emergency services. and public transportation.

It isn’t a long-term answer; it’s meant to be temporary assistance.

Oil and natural gas don’t exist in separate worlds either. Both are key energy sources used every day, and a big change in oil prices can affect natural gas. If oil prices increase. some industries may swap natural gas for oil in segments of their operations where possible. which increases demand for natural gas.

To understand why today’s move doesn’t guarantee tomorrow’s outcome, it helps to look at history through the benchmarks traders rely on. Two are commonly used: Brent crude oil, the main global oil benchmark, and West Texas Intermediate (WTI), the main benchmark of North America.

Brent is often favored for global performance because it prices much of the world’s traded crude, and it’s also used by the U.S. Energy Information Administration as its primary reference in its Annual Energy Outlook.

Across several decades, oil has been anything but steady. Spikes have come from wars and supply cuts. Crashes have followed global recessions and oversupply. sometimes described as a “glut.” The early 1970s saw the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War. Prices dropped in the mid-1980s when demand fell and more non-OPEC oil producers entered the industry. In 2008, increased global demand pushed prices up before they plummeted alongside the global financial crisis.

Then came 2020, when during the COVID lockdown oil demand collapsed like never before—pushing prices below $20 per barrel.

All of it points to the same reality: oil’s historical performance has been shaped by wars, recessions, OPEC-related decisions, evolving energy initiatives and policies, and more.

The market also keeps moving on more than headlines. The current price of oil per barrel depends largely on supply and demand—including news about potential future supply and demand. such as geopolitics and decisions made by OPEC+. In the U.S. prices also move based on how friendly an administration is to drilling. since future supply expectations can change.

One example given in recent context is 2025, when the Trump administration moved to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.

Oil isn’t even updated in a single daily moment. Prices update constantly when the “futures” markets are open—futures being effectively an auction where people agree to buy or sell oil in the future. As long as contracts are being traded, the oil price is changing.

And supply isn’t just a question of geography or diplomacy. U.S. shale oil production matters too. Shale is rock that contains oil and natural gas; it’s energy that can be tapped. The more shale the U.S. accesses, the more energy supply is available, which can help keep oil prices from spiking as much.

So when oil’s price shifts, the economy feels it. When oil is expensive, it tends to make everyday items cost more. That can connect to energy—heating and gas utilities. for example—but it’s also tied to the logistics of getting products to consumers. Shipping can affect the price of groceries. because it costs more to move products from warehouses and farms onto store shelves.

Today’s $97.44 per barrel doesn’t settle the question of where prices head next. It does. however. show how fast the market is moving—down from yesterday morning. lower than a month ago. and far above where it sat one year earlier—while the bigger drivers still wait in the background: supply. demand. and whatever new shock might arrive.

oil price Brent WTI gas prices Strategic Petroleum Reserve inflation supply and demand OPEC+