As of August 11, 2026 at 6:20 a.m. Eastern Time, oil was trading at $92.54 per barrel based on the Brent benchmark, representing a $4.99 increase from the previous day and a rise of approximately $25.38 compared to the same period last year. Oil prices are primarily driven by supply and demand dynamics, but can shift quickly due to geopolitical risks such as recessions or armed conflicts. Crude oil is the largest component of gas pump prices, often accounting for more than half the cost per gallon, though retail gas prices tend to adjust more slowly downward than upward. The U.S. Strategic Petroleum Reserve serves as a backup supply to protect energy security during crises and help mitigate price spikes from supply shocks.
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