At 8 a.m. Eastern Time, Brent crude oil cost $110.74 per barrel, down $2.11 from the previous day and about $49 higher than a year earlier. The barrel had reached $112.85 the previous day, $104.61 one month earlier and $61.75 one year earlier, representing a 79.33% annual increase. Supply and demand remain the main drivers of the price, while conflicts, economic downturns, OPEC+ decisions and U.S. drilling policies can cause sharp fluctuations. Crude oil typically accounts for more than half of the price displayed at the pump, although refining, distribution, taxes and retailer margins also contribute. Rapid price increases can therefore drive up inflation in energy, transportation and consumer goods, while the U.S. Strategic Petroleum Reserve can temporarily ease supply shocks during emergencies.
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