As of 6:15 a.m. Eastern Time on August 20, 2026, oil had reached $95.40 per barrel using the Brent benchmark, $1.80 more than the previous morning and $28.19 above the price a year earlier. Since crude oil typically accounts for more than half of the gas pump price, sharp increases in oil quickly translate to consumers. The oil market remains highly volatile, driven by supply and demand dynamics, geopolitical tensions, and economic recessions. The U.S. Strategic Petroleum Reserve serves as an emergency safety net to support consumers and keep essential economic sectors running.
Source: Read the original article
