At 7:30 a.m. Eastern Time, Brent crude was priced at $95.72 per barrel, up $2.74 from the previous day and roughly $30 higher than a year earlier. The price had nevertheless fallen 10.77% over the past month, after reaching $107.28 a month earlier. Supply and demand are the main drivers of oil prices, while geopolitical shocks, recessions and OPEC+ decisions can trigger sharp fluctuations. Crude oil typically accounts for more than half of the final cost of a gallon of gasoline, but its impact at the pump is tempered by refining, distribution, taxes and station margins.
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