As of July 29, 2026 at 5:05 a.m. ET, oil prices stand at $89.53 per barrel using the Brent benchmark, up 45 cents from yesterday. Over one month, prices have risen 21.15% to reach this level, and over one year the increase is 23.16%, a difference of $16.84. Crude oil remains the largest single driver of pump prices, typically representing over half of each gallon’s cost. Oil prices depend primarily on supply and demand, as well as geopolitical tensions and OPEC+ decisions. The U.S. Strategic Petroleum Reserve can be deployed in the event of a supply disruption to support consumers.
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