Oil prices stood at $96.11 per barrel on September 2, 2026 at 8 a.m. Eastern Time, using the Brent benchmark, up $2 from the previous day and approximately $26.50 higher than one year ago, representing a 38.08 percent increase. This rise reflects ongoing supply constraints and sustained global demand, with prices steadily climbing from the $69.60 recorded a year earlier. Oil prices remain the largest single driver of pump prices, typically accounting for over half of each gallon’s cost, and any surge quickly translates to higher prices at the gas station. U.S. shale oil production, the Strategic Petroleum Reserve, and OPEC decisions continue to serve as key levers influencing global oil markets.
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