As of September 4, 2026 at 9 a.m. Eastern Time, oil was trading at $96.90 per barrel based on the Brent benchmark, down $2.48 from the previous morning. This price represents an increase of approximately $30 compared to one year ago. The oil market remains influenced by numerous factors, including geopolitical tensions, OPEC+ decisions and concerns about economic recession. Pump prices depend on crude costs as well as refining, transportation, taxes and station markups. Brent crude serves as the main global benchmark and is used by the U.S. Energy Information Administration as its primary reference.
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