Oil prices stood at $83.72 per barrel on August 5, 2026 at 5:30 a.m. Eastern Time using the Brent benchmark, down $6.09 from the previous day but up 15.23% over one month and 22.50% over one year. The barrel price reflects global market movements, and this increase will translate to higher gas pump prices, where crude oil typically represents over half the cost per gallon. Brent serves as the global reference for oil trading, while the U.S. Strategic Petroleum Reserve can be deployed during emergencies to help stabilize prices.
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