At 6 a.m. Eastern Time, Brent benchmark oil stood at $99.52 per barrel, down $6.32 from the previous day and about $35.50 higher than a year earlier. Oil prices depend mainly on supply and demand but can fluctuate sharply because of wars, recessions, sanctions, and other disruptions. Because crude oil accounts for more than half of the price paid at the pump, increases usually translate quickly into higher gasoline prices, while declines tend to reach consumers with a delay. The U.S. Strategic Petroleum Reserve can cushion price spikes during emergencies but is not a long-term solution, while a major rise in oil prices can increase natural gas demand and add to inflation and transportation costs.
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