Oil had reached $83.64 per barrel using the Brent benchmark as of August 6, 2026, down 8 cents from the previous morning and about $16.10 higher than a year earlier. Crude oil accounts for more than half of the pump price, which is why oil increases quickly translate to consumers. The U.S. maintains a Strategic Petroleum Reserve to address emergencies and smooth out price spikes. The oil market, historically volatile, is shaped by wars, recessions, OPEC decisions, and energy policies.
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