Current price of oil as of August 21, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
On August 21, 2026, at 8 a.m. Eastern Time, oil was priced at $95.29 per barrel, according to the source. This represents a decrease of 11 cents from the previous morning's price and a substantial rise of over $27 compared to the same time last year. The price of oil per barrel has fluctuated significantly over time, with upward trends often resulting from geopolitical events, economic recessions, and shifts in supply.
Brent crude oil, a global benchmark, tends to reflect oil prices worldwide, while West Texas Intermediate (WTI), a North American benchmark, provides another perspective. The U.S. Strategic Petroleum Reserve serves as a safety net during emergencies, helping to mitigate sudden price hikes. The price of oil is determined by continuously changing supply and demand dynamics, which are influenced by geopolitical factors, OPEC decisions, and potentially, the policies of U.S. administrations regarding drilling.
Shale oil production in the U.S. affects oil prices by increasing supply, potentially preventing dramatic price spikes. Oil prices have a substantial impact on inflation and the broader economy, affecting everyday costs, logistics, and transportation.
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