Brent benchmark

On August 6, 2026, oil was priced at $83.64 per barrel using the Brent benchmark, fluctuating based on supply and demand dynamics influenced by global concerns such as war or recession. The article explains that crude oil accounts for more than half of gas pump costs, meaning declines in oil often lead to slower price drops at the pump. Key mechanisms discussed include the U.S. Strategic Petroleum Reserve acting as an emergency safety net, and the historical tracking provided by benchmarks like Brent and WTI.