West Texas Intermediate (WTI)

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.

The current oil price, benchmarked by Brent crude oil at $93.60 per barrel, is influenced by global supply and demand, alongside costs for refining, taxes, and distribution. Oil prices are often volatile, historically spiking due to wars or declining during global recessions. The U.S. Strategic Petroleum Reserve exists to safeguard energy security during emergencies.

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.

As of August 17, 2026, oil sold for $91.53 per barrel using Brent as the benchmark, marking a rise over the past year. Oil prices are influenced by global supply and demand, with major benchmarks including Brent crude oil and West Texas Intermediate (WTI). The final cost of gasoline includes not only the crude oil component but also taxes and markups from wholesalers and refineries.

As of August 14, 2026, oil was priced at $89.53 per barrel based on the Brent benchmark, showing a loss compared to yesterday and being significantly higher than prices one year ago. While gas pump costs involve refining, taxes, and local markups beyond just crude oil, changes in crude oil still have an outsized impact. The U.S. Strategic Petroleum Reserve exists to provide temporary energy security during supply shocks or emergencies.

On August 13, 2026, oil reached $90.28 per barrel using the Brent benchmark, which was lower than the previous day's price but higher than a year ago. The article notes that crude oil accounts for over half of the cost per gallon at the pump and explains that declines often translate into delayed drops in gas prices due to the "rockets and feathers" effect. Furthermore, it outlines the roles of benchmarks like Brent and WTI, and the U.S. Strategic Petroleum Reserve as an emergency safety net.

As of August 12, 2026, the price of oil using Brent as a benchmark sits at $91.60 per barrel, which is a decrease of 94 cents since yesterday morning. Oil prices are primarily driven by supply and demand, with fluctuations influenced by factors such as economic slowdown or conflict. The final gas pump price reflects not only crude oil but also costs related to refining, distribution, and taxes.

Oil is currently trading at $92.54 per barrel based on the Brent benchmark, a price influenced by global supply and demand factors like potential recessions or war. While crude oil has the biggest influence on gas pump prices, consumers also pay for refineries, wholesalers, taxes, and local markups. The article notes that two main benchmarks are Brent crude oil (the primary global measure) and West Texas Intermediate (WTI), which tracks North American performance.

As of August 3, 2026, Brent crude oil is priced at $87.38 per barrel, reflecting a 71-cent increase from the previous day and a $17.50 rise over the past year. The article discusses factors influencing oil prices, including supply and demand dynamics, geopolitical events, and the role of the U.S. Strategic Petroleum Reserve in mitigating price shocks.

As of July 30, 2026, oil prices reached $92.65 per barrel using the Brent benchmark, up $3.12 from the previous day and $19 higher than a year earlier. The article highlights factors influencing oil prices, including supply and demand dynamics, the U.S. Strategic Petroleum Reserve's role in emergencies, and the link between oil and natural gas markets.

As of July 27, 2026, Brent crude oil priced at $90.43 per barrel, down $2.22 from the previous day but up $21.92 over the past year. The article explains factors influencing oil prices, including supply and demand, geopolitical events, and the role of the U.S. Strategic Petroleum Reserve in stabilizing prices during emergencies.

As of July 24, 2026, the price of oil was $97.04 per barrel, down $1.45 from the previous day but $27.50 higher than a year prior. The article highlights factors influencing oil prices, including supply and demand dynamics, economic concerns, and the role of the U.S. Strategic Petroleum Reserve in mitigating supply shocks.

The price of oil is $95.47 per barrel as of July 22, 2026, reflecting a $1.06 increase from the previous day and a $26.50 rise compared to the same time last year. Factors influencing oil prices include supply and demand dynamics, economic uncertainties, and the role of the U.S. Strategic Petroleum Reserve in mitigating price shocks.

As of July 21, 2026, oil is trading at $89.93 per barrel, up $1.71 from the previous day and $20.50 higher than a year ago. The article explains factors influencing oil prices, including supply and demand, geopolitical risks, the U.S. Strategic Petroleum Reserve, and the link between oil and natural gas markets.

As of July 17, 2026, oil was priced at $86.09 per barrel using Brent as the benchmark, reflecting a $1.45 increase from the previous day and a $16 rise compared to a year ago. The article highlights factors influencing oil prices, including supply and demand dynamics, economic uncertainties, and the role of the U.S. Strategic Petroleum Reserve in mitigating price shocks.

As of July 16, 2026, the Brent crude oil price is $84.64 per barrel, down $1.28 from the previous day but $15.38 higher than a year earlier. Oil prices are influenced by supply and demand dynamics, with declines often lagging in their impact on gas pump prices due to the 'rockets and feathers' effect.

As of July 13, 2026, Brent crude oil prices fell to $78.31 per barrel, a $1.08 decline from the previous day but a $7.24 increase compared to a year ago. The article discusses factors influencing oil prices, including supply and demand dynamics, geopolitical risks, and the role of the U.S. Strategic Petroleum Reserve in mitigating price shocks.

As of July 8, 2026, Brent crude oil prices are $78.17 per barrel, up $4.88 from the previous day and $7.30 higher than a year ago. The article explains factors influencing oil prices, including supply and demand, economic conditions, and the role of the U.S. Strategic Petroleum Reserve.

As of July 6, 2026, oil prices rose to $72.36 per barrel (Brent benchmark), up 5 cents from the previous day and $3.50 over the past year. The article highlights factors influencing oil prices, including supply and demand, economic downturn risks, and the role of the U.S. Strategic Petroleum Reserve in mitigating price shocks.

On June 26, 2026, oil was priced at $73.74 per barrel, down 28 cents from the previous day but $5.76 higher than a year earlier. The article discusses factors influencing oil prices, including supply and demand dynamics, the role of the U.S. Strategic Petroleum Reserve, and the link between oil and natural gas markets.

As of June 24, 2026, the price of oil using the Brent benchmark is $75.57 per barrel, down $2.47 from the previous day but up $7.40 compared to the same time last year. The article discusses factors influencing oil prices, including supply and demand dynamics, the role of the U.S. Strategic Petroleum Reserve during emergencies, and the relationship between oil and natural gas prices.

As of June 15, 2026, Brent crude oil prices fell to $84.62 per barrel, down 67 cents from the previous day but up $8.63 compared to a year earlier. A new peace deal in the Middle East contributed to recent price declines, while the U.S. Strategic Petroleum Reserve is highlighted as a tool to mitigate supply shocks.

As of June 12, 2026, oil was priced at $89.94 per barrel, a $5.21 drop from the previous day but $19 higher than one year ago. The article discusses factors influencing oil prices, including supply and demand dynamics, economic uncertainties, and the role of benchmarks like Brent and West Texas Intermediate (WTI).

As of June 11, 2026, Brent crude oil reached $95.15 per barrel by 9 a.m. Eastern Time, down 88 cents from the previous day and $24 higher than a year earlier. Oil prices are influenced by supply and demand dynamics, with declines in crude prices often leading to slower reductions in gas pump prices. The U.S. Strategic Petroleum Reserve serves as an emergency buffer for energy security.

As of June 9, 2026, oil is trading at $95.06 per barrel (Brent benchmark), down $2.09 from the previous day but $27.50 higher than a year ago. Factors influencing oil prices include supply and demand dynamics, geopolitical risks, and the U.S. Strategic Petroleum Reserve's role in stabilizing markets during crises.

As of June 8, 2026, Brent crude oil priced at $97.15 per barrel, down 84 cents from the previous day but up $30 compared to a year ago. Oil prices are influenced by supply and demand dynamics, with factors like economic downturns or geopolitical events causing rapid fluctuations.

Oil prices fell over 10% as President Trump and Iran's foreign minister announced the Strait of Hormuz is open, easing concerns over disrupted oil shipments. The move follows progress in ceasefire negotiations, with Brent crude dropping to $88.90 and WTI to $83.35.