economy
Current price of oil as of Aug. 20, 2026
By 6:15 a.m. Eastern Time on August 20, 2026, 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.
TL;DR
- Oil prices reached $95.40 per barrel (Brent benchmark) by 6:15 a.m. ET on August 20, 2026, a $1.80 increase from the previous day and $28.19 higher than a year prior.
- The price of oil is fundamentally determined by supply and demand, with sudden swings possible due to concerns about recession, war, or other disruptions.
- Crude oil costs constitute over half the price of a gallon of gas, meaning oil price increases directly and quickly affect pump prices.
- The U.S. Strategic Petroleum Reserve acts as an emergency buffer against supply disruptions, helping to moderate price spikes.
- Oil and natural gas prices are linked; rising oil prices can increase demand for natural gas as industries seek alternatives.
- Brent crude oil is the main global benchmark, offering insight into worldwide oil performance and historical trends, which have shown significant volatility over decades.
- Factors influencing oil prices include geopolitical events, OPEC decisions, economic downturns, and U.S. drilling policies.
- The price of oil changes constantly when futures markets are open due to continuous trading of contracts.
- Increased U.S. shale oil production can help stabilize prices by increasing overall supply.
- High oil prices contribute to inflation by increasing costs for energy, logistics, and everyday goods.