Why Oil Prices Never Surged to $100 This Year

Travelers, truckers and shippers worldwide can thank the U.S. for helping keep a lid on oil and gasoline prices this year.

A year ago, Wall Street analysts were predicting the international benchmark for oil prices would surge from around $85 a barrel to well over $100 in 2023. Instead, Brent crude will likely enter 2024 slightly cheaper than where it started this year, though experts warn any spread in global instability could drive it higher.