At 7:15 a.m. Eastern Time, Brent benchmark oil was priced at $102.05 per barrel, up $2.53 from the previous day and roughly $38 higher than a year earlier. Rising oil prices generally push pump prices higher, although retail prices also reflect refining, transportation, taxes and station margins. The U.S. Strategic Petroleum Reserve can provide temporary relief during supply shocks but is not a long-term solution. Prices remain subject to supply and demand, OPEC+ decisions, conflicts, recessions, energy policies and changes in North American production.
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