Current price of oil as of August 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. oil price per barrel % Change Price of oil yesterday $92.42 +1.27% Price of oil 1 month ago $88.54 +5.71% Price of oil 1 year ago $66.19 +41.41% Will oil prices go up? Nobody can predict the future path of oil prices with certainty.

A range of factors influence how oil trades, yet supply and demand remain the main drivers.

When fears of economic slowdown, conflict, or similar shocks rise, oil prices can move sharply.

How oil prices translate to gas pump prices The price you see at the gas pump reflects more than just crude oil.

Also built in are the costs of refining, distribution through wholesalers, various taxes, and the margin your neighborhood station charges.

Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon’s cost.

Spikes in oil prices tend to push gas prices higher in short order.

But when oil prices decline, gas prices often ease down gradually, a behavior known as “rockets and feathers.” The role of the U.S.

Strategic Petroleum Reserve In the event of an emergency, the U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve.

Its main goal is to safeguard energy security when disasters strike—think sanctions, severe storm damage, or war.

It can also do a lot to ease the pain of sudden price jumps when supply gets disrupted.

It’s not a permanent fix, as it’s more meant to provide immediate support for consumers and ensure critical parts of the economy like key industries, emergency services, public transportation, and so on can keep operating.