Commodities
Oil Prices Surge Above $95 Per Barrel Amid Global Market Volatility
As of August 21, 2026, oil is priced at $95.29 per barrel, according to Fortune. This price marks a loss of 11 cents compared to yesterday morning and a gain of over $27 since last year's prices.
The Brent benchmark serves as the main global oil standard, and its fluctuations significantly impact the market. The current price is largely influenced by supply and demand factors, including geopolitical events, OPEC decisions, and energy policies.
When it comes to gas pump prices, crude oil makes up a majority of the cost, but other factors like refining and transportation costs also come into play. As oil prices surge or drop, gas prices tend to follow suit, although with some delay.