As of August 7, 2026, oil was priced at $86.04 per barrel, up $2.40 from the previous day and approximately $19 higher than the same period last year. Oil prices are driven by supply and demand, and are influenced by geopolitical factors such as wars, economic recessions, and OPEC decisions. Gas prices at the pump do not only track crude oil prices, but also include refining costs, transportation, taxes, and local station markups. The U.S. Strategic Petroleum Reserve serves as a safety net during supply shocks and emergencies. The two main oil benchmarks are Brent crude, the primary global benchmark, and WTI, the primary benchmark for North America.
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