As of August 24, 2026 at 9 a.m. Eastern Time, oil was trading at $94.12 per barrel using the Brent benchmark, representing a 54-cent decrease from the previous morning and a rise of approximately $26.21 over the past year. Oil prices depend primarily on supply and demand dynamics, as well as geopolitical factors, conflicts, and OPEC decisions. Crude oil typically accounts for more than half the price at the gas pump, meaning that oil price increases quickly translate into higher gasoline prices for consumers.
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