Oil Prices Surge to $87.38 Per Barrel Amid Geopolitical Uncertainty
The price of oil has risen to $87.38 per barrel as of August 3, 2026, according to Fortune. This is a 71-cent increase from yesterday's morning price and marks an approximately $17.50 rise over the past year.
The Brent benchmark, used globally, has seen significant fluctuations in oil prices throughout history. In the early 1970s, the first big oil shock occurred due to the Middle East cutting exports and imposing an embargo during the Yom Kippur War. Prices dropped in the mid-1980s due to lower demand and more non-OPEC oil producers entering the industry.
The current price of oil is influenced by supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). The U.S. Strategic Petroleum Reserve can provide immediate relief in case of emergency, but it's not a long-term solution. Oil prices also impact gas pump prices, which account for more than half the price per gallon.