economy
Current price of oil as of Aug. 28, 2026
At 6:30 a.m. Eastern Time today, oil was priced at $90.55 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a gain of 87 cents compared with yesterday morning and around $22.34 higher than the price one year ago.
TL;DR
- Oil was priced at $90.55 per barrel as of 6:30 a.m. ET today, an increase of 87 cents from yesterday and $22.34 from a year ago.
- Oil prices are primarily determined by supply and demand, with geopolitical events, economic conditions, and government reserves playing significant roles.
- Changes in crude oil prices directly affect gasoline prices, though gas prices may lag behind oil price changes.
- The U.S. Strategic Petroleum Reserve provides temporary relief during supply shocks but is not a long-term solution.
- Both Brent crude and West Texas Intermediate (WTI) are key benchmarks for oil prices, with Brent being the primary global indicator.
- Historical oil prices have experienced significant volatility due to wars, recessions, supply cuts, and demand collapses.
- The price of oil constantly updates when futures markets are open, reflecting ongoing trading activities.