On July 31, 2026 at 6:45 a.m. Eastern Time, oil was priced at $92.27 per barrel on the Brent benchmark, down 38 cents from the previous morning. This price represents an increase of approximately $19.67 compared to one year ago. Oil prices depend mainly on supply and demand, influenced by geopolitical factors, OPEC+ decisions and U.S. drilling policies. Gas pump prices do not directly track crude oil prices due to refining costs, transportation, taxes and station markups, explaining the « rockets and feathers » phenomenon during price fluctuations.
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