Oil Prices Reach $112.60 on Nov. 2 as Brent Crude Gains 71% Year Over Year

Brent crude traded at $112.60 per barrel at 6:30 a.m. Eastern Time on Nov. 2, 2026, according to Fortune. The benchmark fell $3.26 from the previous morning, a daily decline of 2.81%. That move placed oil at a short-term low relative to the prior session while keeping prices far above their level a year earlier.

The figure is a time-specific snapshot rather than a closing settlement. Oil futures continue trading throughout the day, so prices can change after the quoted morning reading. Finance Yahoo identified the same Nov. 2 oil-price topic, while the available market listings from Barchart and CNBC provide broader reference points for crude trading.

Oil was up 71.20% from $65.77 per barrel one year earlier, giving the market a gain of approximately $47 per barrel. The increase has kept crude prices at levels that can affect fuel, transportation, manufacturing and household costs even after a single-day decline.

The monthly comparison was also positive. Brent rose from $106.84 a month earlier to $112.60, an increase of 5.39%. Taken together, the daily, monthly and annual figures show a sharp pullback within a broader upward trend. The scale of the annual move matters more to businesses and consumers that buy energy over time than the one-day drop alone.

The Nov. 2 figure uses Brent crude as its benchmark, while WTI is another widely followed measure of oil prices. Brent is commonly used as an international reference, and WTI futures reflect the value of crude delivered in the United States. Their prices can move in the same direction while differing because of location, quality, transportation and contract conditions.

Barchart’s WTI futures listing and CNBC’s real-time OIL market page provide separate data contexts from Fortune’s Brent quotation. Robinhood also listed a Nov. 2 WTI prediction-market contract, showing that the date was tracked through both conventional market data and a market-based forecasting product. Those references shouldn't be treated as interchangeable with the $112.60 Brent quote.

Higher crude prices raise the cost pressure on gasoline, diesel, aviation fuel and other petroleum products. The effect reaches beyond fuel pumps because delivery fleets, airlines, farms, manufacturers and retailers all face energy or transportation expenses. The timing and size of those effects depend on refining margins, taxes, inventories, currency movements and how quickly companies pass costs along.

A $3.26 daily decline offers limited relief against a $46.83 year-over-year increase. Consumers therefore face a market that is down from the previous morning but still far more expensive than it was last year. Fortune framed oil prices as a factor in both energy bills and everyday goods, while Finance Yahoo’s matching headline focused on the same Nov. 2 benchmark snapshot.

The Nov. 2 data show a market with strong annual momentum and near-term volatility. Brent gained 5.39% over the month despite losing 2.81% in one morning, a combination that makes a single directional call unreliable. Fortune’s article introduces the question of whether oil prices will rise but does not provide a completed forecast in the available excerpt.

Traders and businesses will watch subsequent settlements, inventory data, production decisions, demand indicators and geopolitical developments when assessing the next move. The Barchart, CNBC and Robinhood listings represent different ways to monitor or price that outlook, but none replaces the benchmark’s final settlement for the trading day.

The next useful comparison is the official or widely reported closing level for Nov. 2, followed by the next morning’s live quotation. That sequence will show whether the decline from $115.86 represented a brief retreat or the beginning of a larger correction. It will also clarify how the Brent move compares with WTI futures and related oil-market instruments.

For households, the practical signal is the direction of refined fuel prices rather than crude alone. For companies, the key variables include contract exposure, hedging, freight costs and the speed at which higher energy expenses affect margins. The market entered Nov. 2 with Brent at $112.60, down sharply on the day but up strongly across the month and year.