Oil was priced at $89.53 per barrel at 6:30 a.m. Eastern Time on August 14, 2026, representing a loss of 75 cents from the previous morning and an increase of approximately $22.30 compared to one year ago. Brent crude remains the primary global benchmark, accounting for much of the world’s traded oil. Pump prices do not track crude oil directly, as they also include refining costs, transportation, taxes, and local station markups. The U.S. Strategic Petroleum Reserve can help soften price spikes during supply shocks, but its role is intended to be temporary. Oil’s historical performance shows significant volatility, with spikes driven by wars and supply cuts, and crashes during global recessions.
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