Oil Prices Slip Below $101 After Surging Nearly 49% From Last Year

Brent crude was trading at $100.19 per barrel at 2:40 p.m. Eastern time on Sept. 29, 2026, down $2.56 from the previous day. The benchmark had closed or been recorded at $102.75 on the prior business day, a daily decline of 2.49%.

The Sept. 28 reading was higher at $104.46 per barrel at 11 a.m. Eastern time, according to Fortune. That figure represented a $1.71 increase from the preceding business day. The different intraday timestamps mean the 2-day readings are snapshots rather than directly comparable closing prices.

Oil remains substantially more expensive than it was a year earlier. The benchmark stood at $67.33 per barrel in both Fortune price updates, putting the Sept. 29 level $32.86 higher and up 48.80% year over year.

The month-to-month move also remained positive despite the latest pullback. Brent was listed at $91.94 a month earlier in the Sept. 29 update, an increase of 8.97%, while the Sept. 28 update used a $90.64 monthly comparison and calculated a 15.25% gain. The changing reference dates and times explain part of the difference, but both readings show oil well above late-August levels.

Brent serves as the benchmark used in the Fortune daily price updates and is widely used to price crude delivered outside the United States. Its movement feeds into fuel costs, transportation expenses, industrial inputs and some consumer prices, although retail effects arrive with delays and vary by market.

The daily number tracks a traded commodity, not the price paid at a gasoline station. Taxes, refining margins, distribution costs and local competition shape pump prices. The same distinction applies to heating oil and other petroleum products, whose prices can diverge from crude. The IEA’s monthly market report provides broader context on supply, demand and inventories than a single intraday quote.

The combination of a nearly 49% annual increase and a recent monthly gain points to sustained pressure across the oil market, even as prices retreated during the latest session. Higher crude prices raise operating costs for airlines, freight companies, manufacturers and energy-intensive businesses.

Households typically feel the impact through gasoline, diesel, heating and goods transported by road, air or sea. The size and timing of those effects depend on refining capacity, currency movements and regional supply conditions. Businesses with large fuel bills face a more immediate exposure than consumers buying finished products. The IEA’s September market reporting is the key source for assessing whether the price rise reflects demand, supply disruptions, inventory changes or a mix of factors.

The next direction for oil depends on supply growth, consumption, inventories and market expectations. The available daily updates establish the price movement but don't provide a forecast, and short-term changes can reverse quickly.

Investors and businesses will watch the next benchmark readings alongside the IEA’s market assessment. A return above $104.46 would erase the latest retreat, while continued trading near $100 would keep crude close to a level that carries meaningful consequences for fuel costs and inflation-sensitive industries.