As of August 31, 2026 at 8:30 a.m. Eastern Time, oil was trading at $93.03 per barrel using the Brent benchmark, up $1.06 from the previous day and approximately $25 higher over the past year. Oil prices depend primarily on supply and demand but can shift rapidly due to geopolitical tensions, recessions or conflicts. Brent crude serves as the main global oil benchmark, while WTI dominates in North America. When oil prices rise, pump prices follow suit, with crude oil typically accounting for more than half the final consumer price.
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