crude oil

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.

Heritage Energy has not contained an oil blowout in Delta after five weeks, with residents warning that flooding could spread crude oil to farms and rivers. Concerns are rising over delayed response efforts and missing spill records.

The Dow rose 700 points, the S&P 500 gained 1%, and the Nasdaq increased 1.2% as crude oil prices fell over 6% following Trump's decision to cancel potential strikes on Iran and renewed optimism about diplomatic efforts.

Nigeria, a major crude oil producer, has historically exported raw oil while importing refined products, missing opportunities to build local industries. The Dangote Refinery is highlighted as a potential catalyst for industrial growth, job creation, and technological advancement in Nigeria.

Crude oil became Argentina's top single export in the first half of 2026 with US$4.693 billion in value, surpassing corn and soybean meal which were the leading exports in the previous year.

Satellite images reveal crude oil leaking from a sanctioned tanker grounded off Oman's coast. The leak is confirmed by visual evidence reviewed by The Associated Press.

Indian Oil Corp purchased a record share of its crude oil from the spot market during the April-June quarter due to the US-Iran conflict disrupting Middle East supplies. The company is adjusting its procurement strategies amid geopolitical tensions.

Crude oil prices surged following an attack in Iran, while US equity-index futures declined due to renewed Middle East tensions and concerns over energy supply disruptions.

The United Nations expressed concern over Houthi threats to impose a maritime embargo on Saudi Arabia, warning it could disrupt global crude oil prices and fuel supplies. UN spokesman Stephane Dujarric highlighted the potential economic impact, referencing the existing challenges at the Strait of Hormuz.

Oil prices have risen above $90 as the US continues its nine-day military campaign against Iran, while stocks remain under pressure. Iran's indication of possible diplomacy has caused crude prices to retreat from recent highs and boosted equity futures.

Soybeans and corn futures extended gains as crude oil prices rose following escalating hostilities in the Middle East, which increased the appeal of biofuels. The market movements were driven by heightened tensions between the US and Iran.

A drone crashed into Iraq's Basra terminal without causing damage or fire, leading to the suspension of crude oil loading at all of Iraq's oil-loading terminals.

Thamires Lima, a research professor at Drexel University, studies viscous liquids like polypropylene and crude oil using extensional rheology. Her research reveals that some fluids can fracture instead of just flow when stretched between metal plates.

Renewed tensions in the war with Iran caused gas prices to jump 5 cents overnight, reaching a national average of $3.88 per gallon. Delays in oil tanker traffic through the Strait of Hormuz and a declared end to the ceasefire by President Trump contributed to the surge, though crude oil prices remain stable around $70 per barrel. Tennessee drivers currently experience lower gas prices at $3.50 per gallon compared to the national average.

Mexico’s state oil company informed U.S. regulators that its oil reserves will last nine more years. The company reported five fields are depleting, with total reserves slightly increased due to rising gas reserves despite a 2.6% decline in crude oil.

The potential collapse of a US-Iran ceasefire has increased anxiety over rising fuel prices as oil prices hit a multi-week high following attacks on commercial ships and military sites. Tanker traffic through the Strait of Hormuz has halted, amplifying geopolitical risk, while gasoline prices edged higher amid concerns over disrupted oil flows.

Pemex is importing more petroleum products than it exports for the first time in 36 years, with imports at 507,227 barrels per day versus exports of 431,801 barrels. The company recorded a $1.6 billion monthly spending gap on fuel imports compared to oil sales revenue, and its crude oil exports have declined 35% year-to-date. Production of crude oil hit a decades-low of 1.36 million barrels per day in May, exacerbating financial losses.

Americans are traveling in record numbers for the 4th of July despite high gas prices. The national average for regular gasoline has decreased from a June peak above $4.56 per gallon as crude oil prices dropped following the end of the Iran conflict.

Palm oil prices dipped due to weaker crude oil markets and a less optimistic production outlook in Malaysia. Workers at the Bukit Senorang Palm Oil Mill, owned by United Malacca Bhd., are sorting palm fruit in Pahang, Malaysia.

Nayara Energy reduced petrol prices by ₹5 per litre and diesel by ₹3 per litre as global crude oil prices declined. The price cut followed eased hostilities in West Asia and the reopening of a key maritime route, which restored the flow of crude oil and liquefied natural gas, alleviating supply disruption concerns.

Iran has exported 50 million barrels of crude oil since the US lifted its naval blockade on Iranian energy exports. TankerTrackers.com reported this figure, noting an average of 1.66 million barrels per day in June 2026, following a 60-day authorization from the US Treasury effective through 21 August.

Trading in two ETFs indicates inflation fears may be overblown, though crude oil impacted potential gains for bond bears.

China's crude oil imports are expected to decrease further in June. This follows a reported decline in imports, as highlighted by a recent unloading activity at a terminal port in Qingdao, Shandong province.

Palm oil prices fell by the largest margin in a month as crude oil prices erased gains attributed to the war. The decline in palm oil follows a significant drop in crude oil markets.

The U.S.-Iran interim peace agreement has reopened the Strait of Hormuz, causing crude oil prices to fall by four percent to $74 a barrel. President Trump claimed the war is proceeding well with Iran making concessions, though Iran's Foreign Ministry denies this. Gas prices remain steady at $3.93 a gallon, up 32% since the war began. Trump later met with NATO Secretary-General Mark Rutte, emphasizing the alliance's importance and Iran's nuclear restrictions.

Oil prices fell 4% to $74 a barrel as the U.S.-Iran interim peace agreement reopened the Strait of Hormuz, reducing global oil prices by 40% from wartime peaks. President Trump claimed Iran made concessions, including accepting UN nuclear inspectors, though Iran denied this. Gas prices in the U.S. remain at $3.93 per gallon, up 32% since the war began.

Oil prices fell below $70 a barrel for the first time since early March as President Trump ordered the DOJ to investigate companies for not reducing gas prices faster. The president accused companies of 'gouging' consumers.

Goldman Sachs has reduced its fourth-quarter crude oil price forecast to $80, indicating a lower expectation for crude prices in the final quarter of the year.

A flood of oil is set to impact energy markets with millions of barrels of crude oil poised for release in the short term. The situation unfolds despite a fragile U.S.-Iran cease-fire and concerns about an uneven recovery.

The US government is suspending sanctions on Iran's production, delivery, and sale of crude oil, petrochemical products, and petroleum products until 21 August 2026. The Treasury Department's waiver also permits US imports of Iranian-origin petrochemical and petroleum products for domestic use.

European shares declined from record highs and oil prices fell as an Israel-Hezbollah ceasefire stabilized the region. British shoppers increased spending, and crude oil lost gains from the Iran conflict, benefiting Brazil's new monetary easing cycle.

US gas prices have dropped below $4 for the first time since March, with the lowest price in the Charlotte area at $3.15 per gallon. This decline is attributed to falling crude oil costs, which are a primary component of gasoline pricing.

Three Saudi Arabian supertankers carrying six million barrels of crude oil passed through the Strait of Hormuz following a US-Iran ceasefire deal, marking the largest departure through the strait in weeks according to Reuters' analysis of shipping data.

Three Iranian tankers carrying nearly five million barrels of crude oil have exited the U.S. Navy blockade. Shipowners are observing the situation in Hormuz with 'wary disbelief'.

The Navy discovered a hidden storage site and recovered 17,000 litres of crude oil. The naval spokesperson noted that criminals are using increasingly sophisticated methods to conceal their oil theft operations.

Crude oil prices are falling as markets react to news of a U.S.-Iran agreement on reopening the Strait of Hormuz. President Trump stated the two nations have agreed on a framework for this deal.

SpaceX's IPO has triggered a $1.4 billion trading frenzy on Hyperliquid, with SPCX perp becoming HIP-3’s largest market. Stock-linked HIP-3 markets have generated over $18.8 billion in volume this month, surpassing combined crude oil and Brent perps trading.