{
  "id": 555549,
  "title": "Current price of oil as of August 11, 2026",
  "url": "https://urgent.news/2026/08/11/current-price-of-oil-as-of-august-11-2026",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-11T10:20:36.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/article/price-of-oil-08-11-2026/"
  },
  "original_language": "en",
  "account": "On August 11, 2026, the price of oil stood at $92.54 per barrel, according to the Brent benchmark. This represents a $4.99 increase from the previous morning's level and a $25.38 rise compared to the price from one year ago.\n\nThe price of oil had climbed from $87.55 per barrel yesterday, marking a 5.69% increase. Over the past month, it had risen to $76.55 per barrel, a 20.88% jump. A year prior, the price was $67.16 per barrel, representing a 37.79% increase.\n\nOil prices are influenced by a multitude of factors, including potential recessions and conflicts. However, the core determinants remain supply and demand. When risks such as a possible economic downturn or war escalate, oil prices can shift abruptly.\n\nThe cost of gas at the pump encompasses more than just the price of crude oil. It also includes expenses related to refining, distribution, taxes, and the markup by local gas stations. Despite this, crude oil significantly impacts the cost, often constituting more than half of the total per gallon.\n\nStrategically, the U.S. maintains a reserve of crude oil known as the Strategic Petroleum Reserve. This reserve primarily aims to safeguard energy security during crises, such as sanctions, severe storms, or even warfare. It also serves to mitigate the impact of supply shocks by providing rapid relief to consumers and maintaining critical sectors of the economy like essential industries, emergency services, and public transportation.\n\nOil and natural gas, two key global energy sources, often move in tandem. A significant shift in oil prices can influence natural gas prices. For instance, higher oil prices may prompt certain industries to substitute natural gas for some of their operations, thereby raising the demand for natural gas.\n\nBrent crude oil and West Texas Intermediate (WTI) are two primary oil benchmarks. Brent, being a global oil benchmark, better reflects worldwide oil performance, given its pricing of a significant portion of the traded crude. It is also the reference for tracking oil's historical trends. The U.S. Energy Information Administration currently employs Brent as its primary reference in its Annual Energy Outlook.\n\nHistorically, oil prices have been anything but consistent. Sharp increases have been tied to wars and supply restrictions, while declines have been associated with global recessions and oversupply, or a \"glut\". For example, the Middle East imposed an embargo during the Yom Kippur War in the early 1970s, causing prices to fall. A similar trend occurred in the 1980s due to reduced demand and an influx of non-OPEC oil producers. The oil prices surged again in 2008 as global demand surged but then fell alongside the global financial crisis. During the 2020 COVID lockdown, demand plummeted, causing prices to drop below $20 per barrel.",
  "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": 2,
    "also_reported_by": [
      {
        "outlet": "Hindu BusinessLine",
        "title": "Lalithaa Jewellery’s ₹1,700 crore IPO opens August 17; price band fixed at ₹190-201",
        "url": "https://urgent.news/2026/08/11/lalithaa-jewellerys-1-700-crore-ipo-opens-august-17-price-band-fixed",
        "published": "2026-08-11T13:21:44.000Z"
      }
    ]
  },
  "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."
}