The crude oil that becomes your gasoline just reached its highest price in a month. US crude oil futures for November delivery rose $2.95, or 3.1%, to $98.04 a barrel on Thursday, October 15, 2026, according to RTTNews. It was the sixth straight session of gains.
What Pushed Oil to a One-Month High
RTTNews says elevated supply concerns are driving prices higher. Two commercial vessels were struck by unidentified projectiles while passing through the Strait of Hormuz on October 13 and 14, as reported by the Maritime and Port Authority of Singapore. RTTNews also notes that crude had come under pressure overnight before rallying during the Thursday session. Fortune writes that oil prices are inherently unpredictable and can swing suddenly in times of heightened concern about recession, war or other major disruptions.
From a Shipping Lane to Your Fuel Gauge
The two main benchmarks told different stories on October 15 because they were measured at different times. Fortune reported that Brent crude, the main global benchmark, stood at $106.67 a barrel at 7:15 a.m. Eastern Time. That was $2.03, or 1.86%, below the prior morning’s $108.70 and 0.95% below $107.70 a month earlier. RTTNews reported the US benchmark, West Texas Intermediate, at $98.04 later that afternoon, after its rally. Over the past 12 months, Brent is up 70.10% from $62.71. For drivers, Fortune notes that crude usually makes up more than half of the price per gallon. The rest goes to refineries, wholesalers, government taxes and station markups. Sharp increases in oil almost always show up quickly at the pump, while declines tend to pass through more slowly, a pattern Fortune calls the ‘rockets and feathers’ effect.
Our Math: Checking the Reported Moves
This is a check of the reported figures, not a forecast.
WTI one-day move: the $98.04 price minus the $2.95 gain gives a prior level of about $95.09. Dividing $2.95 by $95.09 gives about 3.1%, matching RTTNews.
Brent over 12 months: $106.67 minus $62.71 equals $43.96, the ‘about $44’ Fortune cites. Dividing $43.96 by $62.71 gives about 70.1%.
Because crude is more than half of each gallon’s price, a 70% rise in crude over a year is a meaningful pressure on what households pay at the pump. However, the source gives no conversion from barrel prices to cents per gallon, so we cannot put a dollar figure on a fill-up.
What to Watch This Week
Watch for further statements from the Maritime and Port Authority of Singapore on vessel traffic through the Strait of Hormuz. Also watch whether WTI’s six-session rally continues in RTTNews’ reports and where Brent goes in Fortune’s daily price updates. Fortune notes that the US Strategic Petroleum Reserve can help take the edge off brutal price spikes when supply is hit, but it describes the reserve as an immediate safety net, not a long-term solution. Given the ‘rockets and feathers’ pattern, any rise in crude may reach local pump prices faster than any later decline. Disclaimer: This analysis is for educational and informational purposes only and should not be construed as financial or investment advice.
