Current price of oil as of August 17, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
On August 17, 2026, the current price of oil per barrel stood at $91.53, as measured against the Brent benchmark. This marked an increase of 86 cents from the previous day and a significant rise of $25.65 in comparison to the same time last year. Over the past year, oil prices had climbed by 7.35%, and over the past decade, they had surged by 38.93%.
Predicting future oil prices remains a challenging task, as they are influenced by a multitude of factors, primarily supply and demand. Geopolitical tensions, economic downturns, and even wars can cause oil prices to fluctuate rapidly.
The price of oil per gallon at gas stations encompasses more than just the crude oil itself; it also covers the costs associated with refining, distributing, and taxes, not to mention local gas station markups. However, the crude oil component typically accounts for more than half of the final price per gallon. Consequently, spikes in oil prices translate directly to higher gas prices, while drops in oil prices make gas prices increase more slowly, sometimes referred to as "rockets and feathers."
The U.S. Strategic Petroleum Reserve plays a crucial role in maintaining energy security during emergencies. This reserve consists of crude oil that can be deployed in case of disasters or supply shocks, providing immediate relief to consumers and helping critical sectors of the economy continue functioning.
Oil and natural gas are both vital energy sources, and changes in oil prices can indirectly affect natural gas prices. For instance, higher oil prices might lead industries to substitute natural gas in some processes, consequently increasing the demand for natural gas. The two major benchmarks for oil are Brent crude oil and West Texas Intermediate (WTI).
Brent crude oil serves as a global benchmark, better representing the oil performance of the entire world as it accounts for much of the traded crude. West Texas Intermediate (WTI), on the other hand, is a North American benchmark.
Historically, oil prices have exhibited significant volatility, influenced by events such as wars, recessions, and supply changes. Notable examples include the oil shock of the early 1970s, when the Middle East imposed an embargo on several countries during the Yom Kippur War, and the crash of oil prices in 2008 alongside the global financial crisis. The COVID-19 pandemic saw oil demand plummet to record lows, with prices falling below $20 per barrel.
Stay informed with the latest energy developments by checking Fortune's recent coverage on topics such as covert mid-east oil flows and Bessent's economic isolation of Iran.
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