Oil Price Hits $89.08 per Barrel on Brent Benchmark

As of July 28, 2026, oil is trading at $89.08 per barrel, based on the Brent benchmark. This price is $1.35 below yesterday morning's level and about $18.50 higher than where it stood a year ago.

The price of oil has been influenced by various factors, including wars and supply cuts, global recessions, and oversupply. Historically, oil prices have experienced sharp rises and drops due to these factors. For instance, during the early 1970s, the Middle East slashed exports and placed an embargo on the US and others during the Yom Kippur War, causing a major oil shock.

According to Brent benchmark data over several decades, oil prices have been far from stable. They have experienced steep drops linked to global recessions and oversupply, as well as sharp rises tied to wars and supply cuts. The current price of oil is affected by the balance between supply and demand, including news about potential future supply and demand.