Brent oil rises to $79.25 a barrel in July 9 morning trading

Oil prices moved higher Thursday morning, putting fresh attention on fuel costs that can feed through to households and businesses. Fortune reported that Brent crude, the main global benchmark, reached $79.25 a barrel at 8:05 a.m. Eastern on July 9, 2026.

The price was $1.08 above the prior morning’s level, according to Fortune’s Joseph Hostetler. Fortune’s data put the one-day gain at 1.38%, compared with $78.17 a barrel the day before.

The longer comparison showed a mixed picture. Fortune reported Brent was still far below its price a month earlier, when it stood at $96.41 a barrel, a decline of 17.79%. Against the same point a year earlier, when Brent was $70.98, the benchmark was up 11.65%.

What drives the price

Fortune said oil pricing is shaped by supply and demand, along with expectations about future supply and demand. The publication cited geopolitics, OPEC+ decisions and U.S. drilling policy as factors that can influence traders’ views.

Fortune also noted that oil can move sharply during periods of concern about recession, war or other disruptions. In the U.S., the publication said, the approach of an administration toward drilling can affect expectations for future supply.

As an example of policy affecting supply expectations, Fortune cited a 2025 Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing. Fortune said that step reversed a Biden administration policy that had limited Arctic drilling.

Why gasoline prices follow crude

Fortune said crude oil is only one part of the retail gasoline price, with refining, wholesale costs, taxes and station markups also included. Still, Fortune reported that crude usually accounts for more than half of the price paid for a gallon of gasoline.

That makes crude oil the largest driver of pump prices, according to Fortune. The publication said sharp oil increases tend to appear quickly in gasoline prices, while oil declines often take longer to reach drivers, a pattern known as the “rockets and feathers” effect.

Strategic reserves and other fuels

Fortune described the U.S. Strategic Petroleum Reserve as an emergency stockpile intended to support energy security during events such as sanctions, storm damage or war. The reserve can also be used to soften severe price spikes when supplies are disrupted, according to Fortune.

The publication said the reserve is designed as a short-term backstop rather than a lasting answer to high prices. Fortune said its role is to help consumers and keep key parts of the economy operating during emergencies, including emergency services, public transportation and major industries.

Fortune also reported that oil and natural gas prices can affect each other because both are major fuels. If oil rises, Fortune said, some industries may use natural gas in parts of their operations where substitution is possible, lifting demand for gas.

Benchmarks and history

Fortune said oil markets are commonly tracked through two benchmarks: Brent crude for global pricing and West Texas Intermediate for North America. Fortune reported that Brent is often used to assess global oil performance because it prices much of the world’s traded crude.

The U.S. Energy Information Administration now uses Brent as its main reference in its Annual Energy Outlook, according to Fortune. Fortune said the benchmark’s history includes jumps tied to wars and supply cuts, and steep declines linked to recessions and oversupply.

Fortune cited several examples: the early-1970s oil shock during the Yom Kippur War, a mid-1980s drop connected to lower demand and more non-OPEC production, the 2008 rise and crash around the global financial crisis, and the 2020 COVID lockdown period, when demand collapsed and prices fell below $20 a barrel.

This story draws on original reporting from Fortune.