The Oil Price Rollercoaster: What's Driving the Volatility? The current price of oil has been on a wild ride lately. As of July 21, 2026, it's trading at $89. 93 per barrel, up $1. 71 from yesterday morning's level.
Oil prices have fluctuated wildly over the years in response to wars, recessions, OPEC decisions, and shifting energy policies.
The 1970s saw the first major oil shock when the Middle East imposed an embargo on the US and others during the Yom Kippur War.