Below is the oil price per barrel for today, 09.10.2026.
The oil price per barrel is one of the most important economic indicators in the world. It affects everything – from the price of fuel at the pump to the cost of bread in the shops. In 2026 crude oil markets are facing the biggest disruption in decades, for one reason: war in the Middle East and the blockade of the Strait of Hormuz.
What is a barrel of oil and how is its price set?
A barrel is the standard unit of measurement for oil, equal to around 159 litres. The price of a barrel is expressed in US dollars and is determined on global markets through supply and demand. The two most important benchmark prices are:
- Brent Crude — the global benchmark, especially relevant for Europe and Asia
- West Texas Intermediate (WTI) — the US benchmark, traded on the NYMEX exchange in New York
The oil price can change from hour to hour. Markets operate 24 hours a day, and short-term fluctuations are also affected by inventory reports, geopolitical events and OPEC decisions.
What affects the price of a barrel of oil?
Supply and demand
As with any commodity, the basis of the oil price is the balance between how much is produced and how much is consumed. When global industry speeds up, oil prices rise. When there is a recession or a drop in demand (as during the COVID-19 pandemic in 2020), prices fall.
Decisions by OPEC and major producers
The Organization of the Petroleum Exporting Countries (OPEC) coordinates production among its members – Saudi Arabia, Iraq, the UAE, Kuwait and others. When OPEC cuts quotas, supply falls and prices rise. The US and Russia, as major non-members, also influence the global balance.
Geopolitical tensions
Conflicts, sanctions and crises in oil-rich regions directly affect supply. The Middle East is a particularly sensitive area – a large share of the world’s oil exports passes through it.
Economic indicators
Inflation, interest rates and the dollar exchange rate also play an important role. Because oil is traded in dollars, a stronger dollar usually pushes prices down, and vice versa.
War in the Middle East and the Strait of Hormuz crisis (2026)
In 2026 the global oil market is experiencing one of the biggest shocks in modern history. After US-Israeli strikes on Iran at the end of February, Iran effectively blocked the Strait of Hormuz using a combination of missile attacks on ships, sea mines and selective transit permits.
Why is the Strait of Hormuz so important?
According to estimates by the US Energy Information Administration (EIA), around 20 million barrels of oil passed through the Strait of Hormuz every day – almost 600 billion dollars’ worth of energy trade a year. The strait isn’t only Iranian – Iraq, Kuwait, Qatar, Saudi Arabia and the UAE also export their oil through it.
Even if oil were rerouted, supply would fall by between 8 and 10 million barrels a day.
How have prices moved?
Oil prices have risen dramatically – by around 60 per cent since the conflict began. The price of a barrel reached 116 dollars, and experts warned that a prolonged blockade of the strait could push prices as high as 150 dollars.
After a two-week ceasefire was agreed, the price fell below 100 dollars and hovered around 97 dollars a barrel, but the situation remains unstable. Following the collapse of peace talks and the announcement of a US blockade of Iranian ports, the price of Brent crude jumped above 100 dollars again.
How does the price of a barrel of oil affect fuel prices in Croatia?
Although Croatia has its own refineries (INA Sisak and INA Rijeka), they don’t cover all domestic fuel consumption. A significant share of petroleum products is imported, and the purchase price depends directly on crude oil prices on world markets. The price of crude oil on world markets is directly reflected in the purchase price that companies such as INA, Lukoil and Petrol pay for imported products.
Because of the war in the Middle East and the spike in oil prices, the Croatian Government decided to cap maximum fuel prices – for petrol, diesel, blue diesel and LPG in cylinders and tanks. Without government intervention, a litre of diesel would cost 24 cents more and petrol 9 cents more – making an average 50-litre tank up to 12 euros more expensive to fill.
The retail price of fuel in Croatia is made up of:
- the base price of petroleum products (linked to the Mediterranean exchange)
- excise duty (a fixed component set by government decree)
- VAT (25%)
- oil companies’ margins
Changes to fuel prices in Croatia are announced every two weeks, taking effect at midnight on Tuesdays.
Historical shocks in the oil market
This isn’t the first time the oil market has gone through dramatic upheavals. The most important historical shocks:
2026 — US–Iran war and blockade of the Strait of Hormuz — price jumps 60% in less than two weeks
1973 — OPEC embargo in response to the Arab-Israeli war
1979 — Iranian revolution and the second oil shock
1990–1991 — Iraq’s invasion of Kuwait and the Gulf War
2008 — the price of a barrel reaches a record 147 dollars
2020 — the COVID-19 pandemic drives prices below zero (WTI futures)
2022 — Russia’s invasion of Ukraine and sanctions push Brent above 120 dollars
Frequently asked questions
The price is determined on global financial markets through supply and demand. It is influenced by OPEC decisions, geopolitical crises, economic growth and the dollar exchange rate.
Croatia imports fuel whose purchase price is based on world market prices for petroleum products. When the price of a barrel rises – especially when supply through key routes such as the Strait of Hormuz is disrupted – it is reflected in the price at the pump.
A narrow sea passage between Iran and Oman through which around a fifth of the world’s oil supply passes. Any blockade or crisis in the strait immediately pushes up oil prices on the global market.
Prices change every day. Follow current prices on the charts on this page.
When crude oil prices spike suddenly, the Croatian Government can intervene by decree and set maximum retail fuel prices to protect consumers and control inflation.