Current price of oil as of August 20, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of August 20, 2026, the current price of oil stands at $95.40 per barrel according to the Brent benchmark. This represents a $1.80 increase compared to yesterday's morning price and a $28.19 jump from the same time last year. Oil prices have seen significant fluctuations over the years, with the early 1970s experiencing a major shock due to an embargo by Middle Eastern countries during the Yom Kippur War, and a steep decline in 2008 coinciding with the global financial crisis.
The price of oil is influenced by various factors, including geopolitical events, changes in supply and demand, and government policies. The U.S. Strategic Petroleum Reserve provides a safety net during emergencies, but it's not a long-term solution. Oil prices and natural gas prices often move together; an increase in oil prices can lead to higher demand for natural gas.
Brent crude oil, a global benchmark, is a preferred gauge for tracking historical oil trends due to its widespread pricing of traded crude.
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