As of August 4, 2026 at 5:20 a.m. Eastern Time, Brent crude oil was trading at $89.81 per barrel, up $2.43 from the previous morning and approximately $20.50 higher than a year ago. Brent crude remains the primary global oil benchmark, while West Texas Intermediate (WTI) serves as the main reference for North America. Crude oil accounts for more than half the cost per gallon of gas, but pump prices tend to fall more slowly than they rise, a phenomenon sometimes called « rockets and feathers. » The U.S. Strategic Petroleum Reserve can provide rapid relief during crises but is not designed to address long-term structural issues. The oil market remains subject to significant fluctuations driven by conflicts, recessions, OPEC decisions, and energy policies.
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