As of July 30, 2026, Brent crude oil was trading at $92.65 per barrel, up $3.12 from the previous day and approximately $19 higher than a year ago. Oil prices directly impact pump prices, as crude oil accounts for more than half the cost per gallon, meaning sharp increases quickly affect consumers. The oil market tracks two main benchmarks: Brent, the primary global reference, and WTI, the main North American benchmark. The U.S. Strategic Petroleum Reserve serves as an immediate safety net during emergencies to support consumers and keep key economic sectors running. Oil’s historical performance shows significant volatility, with peaks driven by wars, OPEC decisions, and global demand, and steep declines during recessions or events like the 2020 COVID-19 crisis.
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