Current price of oil as of August 12, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of August 12, 2026, the price of oil is $91.60 per barrel based on the benchmark of Brent crude oil. This represents a decrease of 94 cents from yesterday morning and roughly $25 more than at this same time last year. Oil prices can change throughout the day as they are influenced by supply and demand, as well as geopolitical events such as OPEC+ decisions.
The price you see at the gas pump is influenced not just by crude oil but also by refining costs, distribution, taxes, and the station's margin. The U.S. Strategic Petroleum Reserve is a stockpile of crude oil that can help ease the impact of sudden price increases when supply is disrupted. Oil prices have historically been volatile, influenced by factors like wars, recessions, and changing energy policies.
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