Current price of oil as of August 20, 2026

As of August 20, 2026, oil reached $95.40 per barrel using the Brent benchmark, which represents a significant increase compared to recent prices and yearly averages. While unpredictable due to supply and demand variables like recession or war concerns, crude oil's impact on gas pump prices is strong; increases show quickly while declines are often delayed. The U.S. Strategic Petroleum Reserve serves as an immediate safety net during emergencies.