Oil Price Drops to $83.72 Per Barrel Amid Global Market Volatility

The current price of oil as of August 5, 2026 is $83.72 per barrel, according to Fortune's latest update. This represents a decrease of $6.09 since yesterday morning and a rise of roughly $15.38 compared to the same time last year.

OPEC+ whims, wars, recessions, and global energy initiatives have historically influenced oil prices. The current price is also affected by supply and demand, with factors such as economic slowdowns or conflicts driving changes in the market.

The U.S. Strategic Petroleum Reserve plays a crucial role in stabilizing oil prices during emergencies, but it's not a permanent solution. Natural gas prices are also linked to oil prices, as industries may switch to natural gas if oil prices increase.