If you’ve been looking at the gas pump lately or checking your retirement portfolio, you’ve probably noticed things feel a little... twitchy. Honestly, trying to pin down what is the price of crude oil today is like trying to catch a greased pig in a thunderstorm. As of Saturday, January 17, 2026, the markets have finally hit a pause for the weekend, but they didn't go out quietly.
The Current Numbers: Where We Stand Right Now
Let's get the raw data out of the way first.
Brent crude, which is basically the global yardstick for oil, finished the week at $64.13 per barrel. That was a modest bump—about 37 cents. Meanwhile, West Texas Intermediate (WTI), the stuff we care about most here in the States, settled at $59.44 per barrel.
Why the weird little rally on a Friday?
Basically, nobody wanted to be "short" going into a long weekend. With Martin Luther King Jr. Day coming up on Monday, U.S. traders are stepping away from their desks for three days. When you have a massive aircraft carrier—the USS Abraham Lincoln—steaming toward the Persian Gulf, you don't really want to bet against oil prices over the weekend. Fear is a hell of a drug for the markets.
The 2026 Reality Check
- WTI Crude: $59.44 (Up 0.42%)
- Brent Crude: $64.13 (Up 0.58%)
- The Vibe: Nervous but "wait-and-see."
Why What Is the Price of Crude Oil Today Is Actually Dropping Long-Term
It’s easy to look at a 25-cent jump and think things are getting expensive again. But if you zoom out? The picture is actually kinda bearish.
The EIA (Energy Information Administration) is out here telling everyone that 2026 is going to be the year of the surplus. They’re forecasting Brent to average somewhere around $56 for the year. That is a massive 19% drop from 2025.
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We are literally swimming in the stuff.
U.S. production hit a record 13.6 million barrels per day last year. Even though drilling is slowing down slightly because prices are lower, the efficiency is through the roof. We're getting more oil out of fewer holes in the ground. Plus, you’ve got the OPEC+ guys sitting on a mountain of spare capacity. They want to raise production, but they know if they dump too much on the market, the price of crude oil today would crater into the 40s.
It’s a game of chicken. A very expensive, global game of chicken.
The "Tehran Factor" and the Strait of Hormuz
You can't talk about oil without talking about Iran. This past week was a roller coaster. Prices spiked because of protests in Iran and some pretty aggressive "maybe we'll strike, maybe we won't" rhetoric from Washington.
Then, everything cooled off.
The market realized the oil was still flowing. Traders are getting a bit desensitized to the headlines. It's like the boy who cried wolf, except the wolf is a global energy crisis. Analysts at Commerzbank are still sweating over the Strait of Hormuz, though. If that gets blocked, 25% of the world’s seaborne oil vanishes. If that happens, you can kiss $60 oil goodbye and start looking at $100+.
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But for now? The risk premium is shrinking. People are more worried about a "crude glut" than a "crude gap."
What This Actually Means for Your Wallet
If you’re wondering what is the price of crude oil today because you're worried about filling up your Ford F-150, I have some decent news. Gasoline prices are tracking lower alongside crude. We’re looking at an average of about $2.92 a gallon for regular unleaded this year.
That’s a huge relief compared to the $3.30+ we were seeing a while back.
The Hidden Winners and Losers
- Airlines: They are loving this. Fuel is their biggest cost. Expect (maybe) slightly cheaper flights to Cancun this summer.
- Electric Vehicle Owners: The "math" for switching to an EV gets a little harder when gas is cheap. If you bought a Tesla to save on $5 gas, you might be feeling a bit of buyer's remorse right now.
- Oil Companies: The small players are hurting. It costs about $60 to $70 to drill a new well in parts of the U.S. When oil is at $59, the math doesn't work. We might see some mergers and bankruptcies in the Permian Basin soon.
The Venezuela Wildcard
There’s also this weird situation in South America. Venezuela has been a mess for years, but there’s talk of their oil finally trickling back into the global market more reliably. Phil Flynn, an analyst over at Price Futures Group, noted that the "tidal wave" of Venezuelan oil hasn't really hit yet.
If it does? That’s just more downward pressure.
Honestly, the only thing keeping prices where they are is the geopolitical tension. If we suddenly had "world peace" tomorrow, oil would probably be trading in the $40s.
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Actionable Insights: What You Should Do Now
So, what do you actually do with this info?
If you're an investor, keep a close eye on the $58 support level for WTI. If it breaks below that, we could see a fast slide toward $50. For business owners who rely on shipping or transport, now is actually a pretty good time to look at fuel hedging. Locking in prices while we're in this "low $60s" range for Brent might look like a genius move if things go south in the Middle East later this year.
Keep your eyes on the Wednesday inventory reports from the EIA. They come out at 10:30 AM ET. If you see "builds" (which means we're adding to the stockpile), expect prices to stay suppressed. If you see "draws," expect a quick jump.
The market is currently betting on a surplus, but in the world of oil, a single drone or a single tweet can change everything in ten minutes.
Check the WTI/Brent spread periodically; a widening gap usually means the U.S. is oversupplied compared to the rest of the world, which often signals a buying opportunity for domestic energy stocks that have been unfairly beaten down. Stay nimble, because the 2026 energy landscape is anything but stable.