The claim
“Oil prices have exceeded $118 per barrel.”
Steve Moore made the claim in a Fox Business report about US inflation, published on 9 October 2026.
Our verdict
True
Steve Moore's claim that oil prices have exceeded $118 per barrel is accurate. Official figures show Brent crude traded above $118 in late April 2026 and again above $125 in early October 2026, before he made the remark.
What we found
We rated this claim true. The Fox Business report attributes the statement to Steve Moore, and official price records back it up. The US Energy Information Administration says Brent crude reached $118 per barrel on 29 April 2026, and its spot price data shows Brent above $125 per barrel from 2 to 6 October 2026. Both are above the $118 mark, and both came before Moore spoke on 9 October 2026. Some sources point to lower prices on 9 October itself, but those refer to a different benchmark, West Texas Intermediate, or to a single day's price rather than the recent run of highs. They do not overturn the fact that prices had already passed $118.
The numbers
Brent crude oil price per barrel in 2026
Brent crude oil prices exceeded the $118 per barrel threshold in April and October 2026.
The evidence
2 contradict and 2 support the claim, of 6 sources.
- Background
The Fox Business report quotes Steve Moore saying oil prices were surging above $118 per barrel. [1]
- Supports the claim
The US Energy Information Administration reports that Brent crude oil reached $118 per barrel on 29 April 2026. [2]
- Supports the claim
The Energy Information Administration's spot price data shows Brent crude at $135.51 per barrel on 2 October 2026, staying above $125 through 6 October 2026. [3]
- Contradicts the claim
A Financial Times page shows West Texas Intermediate crude peaked at $92.17 on 9 October 2026, below the $118 mark, though this is a different benchmark. [4]
- Contradicts the claim
A Yahoo Finance report put the oil price at $105.72 per barrel on 9 October 2026, below $118 on that day. [5]
- Background
A social media post about oil markets on 2 October 2026 does not address the $118 threshold. [6]
What we could not confirm
- We could not confirm the exact wording or full context of Steve Moore's remark beyond the Fox Business report.
- We did not find intraday Brent crude prices for 9 October 2026 itself, so we relied on earlier dates to show the threshold had been passed.
How we checked
We looked at the original Fox Business report and at official oil price records from the US Energy Information Administration, along with market price pages from the Financial Times and Yahoo Finance. We reviewed 6 relevant sources.
Sources
- [1]www.foxbusiness.com · US inflation won’t slow for ‘another 18 months,’ economist Steve Moore says
- [2]eia.gov · Petroleum markets responded to disruptions in the Middle East in the second quarter - U.S. Energy Information Administration (EIA) · July 15, 2026
- [3]eia.gov · Spot Prices for Crude Oil and Petroleum Products
- [4]markets.ft.com · WTI Crude Oil, CL.1:NYM historical prices - FT.com · October 9, 2026
- [5]finance.yahoo.com · Current price of oil as of October 9, 2026 · October 9, 2026
- [6]facebook.com · Oil prices steady as traders weigh US-Iran tensions, Middle East supplies - TheStar · October 2, 2026
Have evidence we missed?
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