As of August 17, 2026, Brent crude oil is trading at $91.53 per barrel, up 86 cents from the previous day and approximately $25.65 higher than a year ago. Oil prices are primarily driven by supply and demand, with geopolitical events, economic threats, and OPEC decisions playing a determining role. When oil prices rise, pump prices follow, but they tend to decline more slowly when crude prices fall. The U.S. Strategic Petroleum Reserve serves as an emergency buffer to soften price spikes during supply shocks. Historically, oil has experienced significant volatility, influenced by wars, recessions, and shifts in global production.
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