On July 28, 2026 at 7:15 a.m. Eastern Time, Brent crude oil was trading at $89.08 per barrel, down $1.35 from the previous morning but up approximately $18.50 from a year ago. Crude oil represents more than half of the cost at the gas pump, and crude price changes generally impact gasoline prices, though these tend to fall more slowly than they rise. Brent crude is the global benchmark for oil, while West Texas Intermediate (WTI) is the dominant benchmark in North America. Historically, oil prices have been shaped by shocks from wars, recessions, OPEC decisions, and shifting energy policies.
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