As of July 27, 2026 at 6:35 a.m. Eastern Time, oil traded at $90.43 per barrel using the Brent benchmark, down $2.22 from the previous morning but up $21.92 over the past year. Crude oil typically accounts for more than half the price per gallon at the pump, meaning fluctuations in oil prices directly impact gasoline costs. Brent crude oil serves as the main global benchmark, while West Texas Intermediate (WTI) is the primary benchmark for North America. The U.S. Strategic Petroleum Reserve can be deployed during emergencies to soften price spikes caused by supply shocks.
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