{
  "id": 3729254,
  "title": "Current price of oil as of August 27, 2026",
  "url": "https://urgent.news/2026/08/27/current-price-of-oil-as-of-august-27-2026",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T11:30:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/article/price-of-oil-08-27-2026/"
  },
  "original_language": "en",
  "account": "As of August 27, 2026, the price of oil stood at $89.68 per barrel on the Brent benchmark, marking a $2.27 increase compared to the previous morning and approximately $21.90 higher than its value a year prior. Over the past year, the oil price had risen by 32.27%, while it had decreased by 3.46% compared to yesterday's figure of $87.41. The price of oil one month ago was $92.90 per barrel.\n\nOil prices are notoriously unpredictable, subject to the forces of supply and demand. They can fluctuate rapidly due to concerns of recession, war, or major disruptions. Oil prices ultimately reflect the balance of supply and demand in the market.\n\nCrude oil prices represent about half of the total cost of a gallon of gas at the pump, making them a significant factor in determining gasoline prices. Sharp increases in oil prices often lead to immediate gas price hikes, while decreases in oil prices cause slower, more gradual reductions in gas prices. The Strategic Petroleum Reserve, established to ensure energy security during emergencies, can help mitigate the impact of sudden price spikes.\n\nOil and natural gas are fundamental energy sources, and changes in oil prices can have implications for natural gas prices as well. For instance, higher oil prices may prompt industries to replace oil with natural gas in certain operations, potentially increasing demand for natural gas. Brent crude oil, representing global oil performance, serves as the primary benchmark for oil prices, while WTI (West Texas Intermediate) is the main benchmark for North America. Historical trends show that oil prices have been volatile, influenced by factors such as wars, recessions, and increased supply.",
  "summary": "When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}