Current price of oil as of August 14, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of August 14, 2026, the price of oil stood at $89.53 per barrel, with the benchmark Brent crude serving as the reference point at $90.28 per barrel. This marked a decrease of 0.83% from yesterday's price, but a notable rise of $22.30 compared to a year ago. The price of oil has fluctuated considerably over the years, with oil prices dropping in the mid-1980s due to lower demand and the entry of non-OPEC oil producers.
Conversely, it surged in 2008 during the global financial crisis, but plummeted in 2020 during the COVID lockdown when demand plummeted. Oil prices are not solely dictated by crude oil but also include refining costs, taxes, and local station markups, making gas pump prices a complex blend of factors. The U.S. Strategic Petroleum Reserve, a backup supply of crude oil, can help stabilize prices during supply shocks but is meant for temporary relief.
Oil and natural gas prices often move in tandem, with changes in oil prices potentially impacting the demand for natural gas in various industries. Historical data from benchmarks like Brent crude oil, and West Texas Intermediate (WTI), highlights the volatility of oil prices, influenced by geopolitical events, recessions, and shifts in energy policies.
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