Brent oil slips to $78.31 a barrel in July 13 reading
Fortune reported that Brent crude fell from the prior day but remained higher than a year earlier as supply and demand risks shaped the market.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
Brent crude was priced at $78.31 per barrel at 6 a.m. ET on July 13, 2026, Fortune’s Joseph Hostetler reported. The price was down $1.08 from the previous morning, a move that feeds into fuel costs, inflation pressure and expectations for energy markets.
Fortune reported that the latest price marked a 1.36% drop from $79.39 a barrel the day before. Brent was also down 11.61% from $88.60 a month earlier, while it was up 10.18% from $71.07 a barrel one year earlier.
What drives the oil price
Fortune said oil prices cannot be forecast with certainty because supply and demand drive the market and can shift quickly. The report cited economic weakness, war and other disruptions as factors that can alter the path of crude prices.
Fortune identified Brent crude as the main global oil benchmark and West Texas Intermediate as the main North American benchmark. Brent is often used to track global oil performance because it prices much of the world’s traded crude, and the U.S. Energy Information Administration uses Brent as its primary reference in its Annual Energy Outlook, Fortune reported.
How crude reaches consumers
Fortune reported that retail gasoline prices reflect more than crude alone. Refining, wholesale costs, taxes and gas station markups also contribute to what drivers pay at the pump.
Crude oil still plays the largest role, Fortune said, because it typically makes up more than half of the per-gallon price. Gasoline prices tend to rise quickly when crude jumps and fall more slowly when crude retreats, a pattern Fortune said is sometimes called “rockets and feathers.”
Fortune also linked oil prices to natural gas markets. If oil becomes more expensive, some industries may use more natural gas where they can, increasing demand for that fuel, according to the report.
Reserve policy and supply
Fortune described the U.S. Strategic Petroleum Reserve as a store of crude meant to support energy security during emergencies such as sanctions, major storm damage or war. The reserve can help soften price spikes during supply shocks, though Fortune characterized it as short-term relief for consumers and key services rather than a lasting fix.
Fortune reported that oil prices also react to expectations about future supply, including geopolitics, OPEC+ decisions and U.S. drilling policy. The report cited the Trump administration’s 2025 move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing a Biden administration policy that limited Arctic drilling.
Fortune said U.S. shale production can also affect prices by adding available energy supply. Shale rock contains oil and natural gas, and greater access can reduce the risk of sharp price spikes, according to the report.
Oil’s uneven history
Fortune said Brent’s longer record shows repeated swings tied to wars, recessions, OPEC decisions, supply cuts and energy policy changes. The report pointed to the early 1970s oil shock, when Middle Eastern producers cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
Fortune also cited the mid-1980s price decline, tied to weaker demand and more non-OPEC production, and the 2008 surge that gave way during the global financial crisis. During the 2020 COVID lockdowns, demand fell sharply and oil prices dropped below $20 per barrel, according to Fortune.
This story draws on original reporting from Fortune.