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Commodities

Oil Price Surges Past $87 as Global Markets Respond

Guavy AI Editorial Team
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Oil
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The current price of oil as of August 10, 2026 is $87.55 per barrel, according to Fortune. This represents a $21 rise over the past year and an 11-cent increase from yesterday morning.

The price has fluctuated significantly over time, with spikes due to wars, supply cuts, and global recessions, as well as crashes due to oversupply. The early 1970s saw the first big oil shock when the Middle East imposed an embargo on the US and others during the Yom Kippur War.

The current price is determined by supply and demand, including news about potential future supply and demand. The US Strategic Petroleum Reserve can help soften crippling price hikes during supply shocks, but it's not a long-term solution.

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