Current price of oil as of August 31, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of 8:30 a.m. Eastern Time on August 31, 2026, oil was trading at $93.03 per barrel, using Brent as the benchmark. That represents a $1.06 increase from the previous day's opening and a $25 rise since the same time last year. Over the past year, the price of a barrel has climbed from $91.45 to the current level, marking a significant 36.92% increase.
Oil price movements can be unpredictable, influenced by various factors such as economic downturns, conflicts, and shifts in supply and demand. When worries about economic slowdown or conflict rise, oil prices can fluctuate rapidly. Gas prices at the pump are impacted by crude oil prices, which typically make up more than half of the final cost.
When oil prices rise, so do gas prices, and when oil prices fall, gas prices take longer to drop. The U.S. Strategic Petroleum Reserve is a reserve of crude oil established for emergency situations, helping to stabilize prices and support critical industries during supply shocks. Oil and natural gas are closely linked energy sources, and shifts in oil prices can affect natural gas prices as well.
Oil has a complex historical performance, influenced by wars, recessions, and changes in supply and demand. From the early 1970s Middle East embargo to the 2020 COVID-19 pandemic, oil prices have experienced dramatic swings.
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