Current price of oil as of August 7, 2026

Brent crude oil closed at $86.04 per barrel in early trading, representing a gain of $2.40 from the previous session. The price represented an increase of approximately 28.43% compared to one year earlier and was up 18.47% from one month prior.
Oil prices are primarily driven by supply and demand dynamics, with major geopolitical events, economic concerns, and large-scale disruptions capable of causing rapid shifts in the market. Retail gasoline prices do not directly mirror crude oil movements