Current price of oil as of August 20, 2026

By 6:15 a.m.

Eastern Time today, oil had reached $95.40 per barrel, measured using the Brent benchmark.

That’s $1.80 more than it cost yesterday morning and $28.19 above its price a year earlier.

Oil price per barrel % Change Price of oil yesterday $93.60 +1.92% Price of oil 1 month ago $91.19 +4.61% Price of oil 1 year ago $67.21 +41.94% Will oil prices go up? Oil prices are inherently unpredictable.

While many variables come into play, the basic push and pull of supply and demand is what ultimately matters.

In times of heightened concern about recession, war, or other major disruptions, oil can swing suddenly.

How oil prices translate to gas pump prices Each gallon you pay for at the pump bundles together several costs.

Crude oil is one piece, but you also pay for refineries, wholesalers, government taxes, and the price markup set by gas stations.

Because crude oil usually accounts for more than half of the price per gallon, it tends to move the needle the most.

Sharp increases in oil almost always show up quickly at the pump.

Declines in the price of oil, on the other hand, often translate into slower, more delayed drops in gas prices—the “rockets and feathers” effect.

The role of the U.S.

Strategic Petroleum Reserve When an emergency arises, the U.S. has a reserve of crude oil called the Strategic Petroleum Reserve.

Its chief function is to secure energy during disasters like sanctions, severe storm damage, or war.