Oil Prices Surge to $89.81 Per Barrel Amid Global Market Volatility
As of August 4, 2026, the price of oil has reached $89.81 per barrel, according to the Brent benchmark. This represents a $2.43 increase from yesterday morning's level and is about $20.50 higher than where it stood a year ago.
The price of oil is determined by supply and demand, including news about potential future supply and demand. In the U.S., prices also move based on how friendly an administration is to drilling, which can affect future supply. For example, in 2025, the Trump administration reopened over 1.5 million acres in the Arctic National Wildlife Refuge for oil and gas leasing.
The current price of oil has a significant impact on gas pump prices, with crude oil making up more than half the cost per gallon. When oil prices jump, gas prices usually follow suit, but when oil falls, gas prices tend to slip more slowly.