economy
Current price of oil as of Aug. 18, 2026
As of 6:45 a.m. Eastern Time today, oil is trading at $92.42 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s 89 cents above yesterday morning’s level and $25.68 higher than where it stood a year ago.
TL;DR
- Oil is trading at $92.42 per barrel as of 6:45 a.m. ET, up from yesterday and significantly higher than a year ago.
- Gas prices at the pump are influenced by crude oil costs, refining, taxes, and markups, with crude oil being the largest component.
- The U.S. Strategic Petroleum Reserve provides a backup supply for energy security during emergencies and supply shocks.
- Oil and natural gas prices are linked, as price changes in one can affect demand for the other.
- Brent crude oil is the main global benchmark, offering insights into historical oil trends influenced by wars, recessions, and OPEC decisions.
- The price of oil is determined by supply and demand, geopolitical events, and administrative policies on drilling.
- Oil prices update constantly when futures markets are open.
- Increased U.S. shale oil production can help stabilize prices by increasing supply.
- Expensive oil can lead to higher inflation, affecting everyday items due to increased energy and logistics costs.