economy
Current price of oil as of Aug. 19, 2026
At 6:30 a.m. Eastern Time today, the price of oil sits at $93.60 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $1.18 since yesterday morning and $27.41 more than at this time last year.
TL;DR
- Oil price is $93.60 per barrel (Brent benchmark) as of 6:30 a.m. ET today.
- This represents a $1.18 increase from yesterday and a $27.41 increase from last year.
- Supply and demand are the main drivers of oil prices, alongside geopolitical factors and economic outlook.
- Gas pump prices are influenced by crude oil costs, refining, distribution, taxes, and retail margins, with crude oil being the largest component.
- The "rockets and feathers" phenomenon describes how gas prices rise quickly with oil price increases but fall gradually.
- The U.S. Strategic Petroleum Reserve provides emergency crude oil to ensure energy security and stabilize prices.
- Oil and natural gas prices are linked; higher oil prices can increase demand for natural gas as industries seek alternatives.
- Brent crude oil is the global benchmark, while West Texas Intermediate (WTI) is the North American benchmark.
- Historical oil prices have shown significant volatility due to wars, recessions, supply cuts, and demand collapses.
- U.S. shale oil production can help increase supply and mitigate price spikes.
- High oil prices contribute to inflation by increasing energy costs and logistics expenses for goods.
- Oil prices update constantly when futures markets are open, driven by trading activity.
- U.S. domestic oil policy, such as leasing for drilling, can also influence future supply and prices.