Oil Price Rises to $87.38 per Barrel Amid Global Market Volatility

The price of oil as of August 3, 2026, stands at $87.38 per barrel, according to Fortune. This represents a 71-cent increase from yesterday morning and a $17.50 rise over the past year.

Oil prices can be volatile due to various factors such as supply and demand, geopolitical events, and changes in government policies. The U.S. Strategic Petroleum Reserve is often used to stabilize oil prices during times of crisis, but it's not a long-term solution.

The price of oil has historically been affected by global recessions, wars, and supply cuts. In the past few decades, oil prices have fluctuated significantly, with spikes due to factors such as the 1970s Middle East embargo and the 2008 global financial crisis.