Current price of oil as of August 21, 2026

At 8 a.m.

Eastern Time today, oil was priced at $95.29 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article).

That’s a loss of 11 cents compared with yesterday morning and more than $27 higher than the price one year ago.

Oil price per barrel % Change Price of oil yesterday $95.40 -0.11% Price of oil 1 month ago $89.12 +6.92% Price of oil 1 year ago $67.80 +40.54% Will oil prices go up? It’s impossible to forecast oil prices with detailed precision.

Many different elements affect the market, but ultimately it boils down to supply and demand.

When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.

How oil prices translate to gas pump prices Gas prices at the pump don’t only track crude oil.

They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.

Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact.

When oil surges, gas prices typically rise in tandem.

But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.” The role of the U.S.

Strategic Petroleum Reserve In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve.

Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war).

But it can also go a long way toward softening crippling price hikes during supply shocks.