Oil was trading at $87.55 per barrel on August 10, 2026 at 7:15 a.m. Eastern Time, using the Brent benchmark, up 11 cents from the previous morning. Over the past year, the price has risen by approximately $21. Oil prices directly impact pump prices, accounting for more than half the cost per gallon of gasoline. Two main benchmarks exist: Brent, which serves as the global benchmark, and West Texas Intermediate, used for North America. The U.S. Strategic Petroleum Reserve can be deployed in emergencies to soften crippling price increases during supply shocks.
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