As of August 19, 2026 at 6:30 a.m. Eastern Time, oil prices stand at $93.60 per barrel using the Brent benchmark, up $1.18 from yesterday and $27.41 from one year ago, representing a 41.41% annual increase. The price also rose 5.71% over the past month, from $88.54 per barrel. Gas pump prices are primarily driven by crude oil costs, which typically account for more than half of each gallon’s price, along with refining, distribution, and taxes. Supply and demand remain the main drivers of oil prices, alongside geopolitics and OPEC+ decisions. The U.S. Strategic Petroleum Reserve serves as a supplementary tool to mitigate sudden price spikes during supply disruptions.
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