As of August 28, 2026 at 6:30 a.m. Eastern Time, oil was trading at $90.55 per barrel, with Brent crude serving as the global benchmark. This price represents an 87-cent increase compared to the previous day and a rise of approximately $22.34 compared to one year ago. Pump prices do not only track crude oil prices, but also refining costs, transportation, taxes, and station markups, with a phenomenon known as « rockets and feathers » where prices rise quickly when oil climbs but fall slowly when it declines. Brent crude is the most widely used global oil benchmark, now even adopted by the U.S. Energy Information Administration, and oil prices have experienced dramatic fluctuations over the decades, influenced by wars, recessions, OPEC decisions, and evolving energy policies.
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