$94.12: Oil Price Drops as Market Remains Volatile

The current price of oil has dropped to $94.12 per barrel as of August 24, 2026, according to Fortune. This is a decrease of 54 cents compared to yesterday morning's price and an increase of approximately $26.21 over the past year.

When examining historical performance, it becomes clear that oil prices have been anything but steady. Between the early 1970s and the present day, there have been numerous spikes and crashes due to various factors such as wars, supply cuts, global recessions, and an oversupply of oil, also known as a 'glut'.

The price of oil is determined by supply and demand, including news about potential future supply and demand. In the U.S., prices are also affected by how friendly an administration is to drilling.