Current price of oil as of August 17, 2026

As of 6 a.m.

Eastern Time today, oil sold for $91.53 per barrel (using Brent as the benchmark, which we’ll get into momentarily).

That’s 86 cents higher than yesterday morning and approximately a $25.65 rise over the past year.

Oil price per barrel % Change Price of oil yesterday $90.67 +0.94% Price of oil 1 month ago $85.26 +7.35% Price of oil 1 year ago $65.88 +38.93% Will oil prices go up? It’s impossible to predict the future of oil prices.

Several factors determine the movement of oil, but it ultimately boils down to supply and demand.

Again, when threats of economic downturn, war, etc. are high, the oil trajectory can turn rapidly.

How oil prices translate to gas pump prices When you pay for gas at the pump, you’re paying for more than just the crude oil itself; you’re also springing for links along the chain, such as the refineries and wholesalers—not to mention taxes and local gas station markups.

Still, the crude oil aspect affects the final price most dramatically, as it typically accounts for more than half the price per gallon.

When oil prices spike, so do gas prices.

And frustratingly, when oil prices drop, gas prices tend to take their time drifting down to the lower price (sometimes referred to 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.