Brent crude rises to $108.33 per barrel — Fortune
The price of benchmark Brent crude as of 7:00 a.m. U.S. Eastern Time on October 8 stood at $108.33 per barrel. This is $3.59, or 3.42%, higher than on the morning of the previous day, Fortune reports.
Price dynamics
The day before, Brent was priced at $104.74 per barrel. Over the month, the price rose by 9.25%, from $99.15 per barrel. Compared with the figure a year ago, when oil cost $66.47, the price increased by 62.97%, or approximately $42 per barrel.
Oil prices change during the trading session in the futures market, where participants enter into contracts for the future delivery of commodities. Their dynamics are influenced by expectations regarding supply and demand, as well as geopolitical events, OPEC+ decisions, and risks associated with wars, recessions, or other major market disruptions.
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Impact on fuel and inflation
Crude oil usually accounts for more than half of the cost of a gallon of fuel at U.S. gas stations, although the final price also includes refining, wholesale, tax, and gas station markup costs. A sharp increase in oil prices usually quickly affects fuel prices, while lower prices may be passed on to consumers with a delay.
Rising oil quotations can also affect the prices of goods and services through more expensive energy and logistics. Higher transportation costs, in particular, can increase the cost of delivering products from warehouses and farms to stores.
Oil market benchmarks
The market usually tracks two key grades: Brent, which is the main international benchmark, and West Texas Intermediate, the primary North American benchmark. Brent reflects prices for a significant share of oil traded globally, so it is often used to assess global market dynamics.
