Current price of oil as of August 10, 2026

On August 10, 2026, the price of oil was $87.55 per barrel, according to the benchmark known as Brent. This price marked an 11-cent increase from the previous morning and represented a $21 rise over the course of the past year. Compared to a year ago, oil prices had surged by 31.02%. The fluctuation of oil prices is influenced by supply and demand, with factors such as economic downturns, conflicts, and global recessions playing a significant role.

The cost of gasoline at the pump goes beyond the price of crude oil alone; it also encompasses the cost of refining, wholesaling, taxes, and local gas station markups. However, crude oil, which typically constitutes over half of the price per gallon, remains the primary factor influencing gas prices. When oil prices rise, so do gas prices, and when oil prices fall, gas prices often take longer to adjust downward, a phenomenon sometimes referred to as "rockets and feathers."

The U.S. Strategic Petroleum Reserve (SPR) is a store of crude oil that serves as a safeguard against emergencies, such as sanctions, severe storms, or even war. While it is not a long-term solution, the SPR can offer immediate relief and help maintain essential services during supply shocks.

Oil and natural gas are closely linked as major energy fuels. A significant shift in oil prices can have an indirect impact on natural gas prices. When oil prices increase, certain industries may substitute natural gas for some segments of their operations where feasible, leading to an increased demand for natural gas.

Oil has exhibited a wide range of performance over the years, characterized mainly by two benchmarks: Brent crude oil, which represents global oil prices, and West Texas Intermediate (WTI), the primary benchmark for North America. The former is often seen as the best way to track historical oil performance globally, as it accounts for much of the world's traded crude. The U.S. Energy Information Administration now primarily uses Brent as its reference point in its Annual Energy Outlook.

Throughout history, oil prices have experienced significant fluctuations, driven by events such as wars, supply cuts, global recessions, and oversupply. For instance, the first major oil shock occurred in the early 1970s when the Middle East imposed an embargo on the U.S. and other countries during the Yom Kippur War, causing prices to drop.

In the mid-1980s, lower demand and the entry of new non-OPEC oil producers led to a price decrease. The price of oil spiked again in 2008 due to heightened global demand, only to plummet alongside the global financial crisis. During the 2020 COVID-19 lockdown, oil demand collapsed, pushing prices below $20 per barrel.

Oil's historical performance has been anything but predictable, with prices influenced by wars, recessions, OPEC policies, evolving energy initiatives, and more. Staying updated on the latest energy developments can be achieved by checking recent coverage from Fortune, which has extensively covered topics such as the U.S. naval blockade potentially increasing oil production from the Gulf, Iran's rejection of U.S. talks, and the Eastern Mediterranean Sea emerging as an alternative energy source for Europe.