As of July 24, 2026 at 5:35 a.m. Eastern Time, oil was trading at $97.04 per barrel, down $1.45 from the previous day but approximately $27.50 higher than one year ago. Brent crude serves as the main global benchmark for oil pricing. Gas prices at the pump are influenced by crude oil prices, refining costs, taxes, and local station markups. The U.S. Strategic Petroleum Reserve can be deployed to soften price increases during supply shocks.
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