As of 7:15 a.m. Eastern Time, oil was trading at $92.98 per barrel on the Brent benchmark, $4.67 below the previous morning and about $29 higher than a year earlier. Oil prices are driven mainly by supply and demand, but they can react quickly to recessions, wars, and geopolitical tensions. Crude oil often accounts for more than half the cost of a gallon of gasoline, although pump prices also include refining, distribution, taxes, and station margins. The U.S. Strategic Petroleum Reserve provides temporary support during crises or supply shocks, while wars, recessions, OPEC+ decisions, and shifting energy policies have historically driven sharp price swings.
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