Current price of oil as of August 18, 2026

As of August 18, 2026, oil is trading at $92.42 per barrel based on the Brent benchmark. Oil prices are shaped by forces like supply and demand, which can lead to rapid changes when risks such as a recession or war escalate. While crude oil has the biggest influence on gas pump costs, consumers also pay for refineries, wholesalers, taxes, and local markups.