At 8:15 a.m. Eastern Time, oil was trading at $118.07 per barrel on the Brent market, up $2.67 from the previous day and roughly $53 higher than one year earlier. Pump prices generally track crude oil, but also include refining and transportation costs, taxes, and retailer margins. The U.S. Strategic Petroleum Reserve can temporarily cushion price increases during supply shocks, while higher oil prices can increase demand for natural gas. Over the long term, prices remain highly volatile, influenced by wars, recessions, OPEC+ decisions, energy policies, and changes in North American shale production.
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