At 6:30 a.m. Eastern Time on August 14, 2026, Brent crude oil was priced at $89.53 per barrel, marking a decline of 75 cents compared with the previous day's closing price of $90.28 per barrel, according to Fortune. This represented a decrease of 0.83 percent on a daily basis.
On a longer-term perspective, crude oil prices have demonstrated significant strength. The current price stands approximately $22.30 higher than one year ago, when oil was trading at $67.23 per barrel on August 14, 2025. This represents a year-over-year gain of 33.16 percent.
Over the past month, oil prices have increased from $83.79 per barrel to the current level, a monthly gain of 6.85 percent. Brent crude serves as the primary global oil benchmark and is used by the U.S. Energy Information Administration as its main reference in its Annual Energy Outlook.
The benchmark reflects the pricing of much of the world's traded crude oil and better represents global oil performance compared to West Texas Intermediate (WTI), which serves as the primary benchmark for North American crude. Oil prices are determined largely by supply and demand dynamics, including news about potential future supply and demand influenced by geopolitical factors and decisions made by OPEC+. The prices update constantly during trading hours in the futures markets, where participants continuously negotiate contracts for future delivery.
According to the article's analysis, multiple elements affect the oil market. When concerns about economic recession, war, and other large-scale disruptions increase, oil's market trajectory can shift rapidly. Historical performance demonstrates that oil prices have been subject to significant volatility driven by factors including wars, supply cuts, global recessions, oversupply conditions, and evolving energy policies.
Gas prices at the pump do not solely track crude oil prices. They also incorporate refining and transportation costs, applicable taxes, and markups added by local service stations. Since crude oil generally constitutes the majority of the per-gallon cost, changes in its price have an outsized impact on consumer fuel expenses.
When oil surges, gasoline prices typically rise in tandem, though when oil retreats, gas prices often lag on the decline—a phenomenon sometimes described as "rockets and feathers." The U.S. Strategic Petroleum Reserve plays a role in moderating price spikes during supply shocks. This government reserve of crude oil is primarily intended for energy security in emergencies, including sanctions, severe weather events, or warfare, but can also provide temporary relief during periods of crippling price increases.
Source: Fortune
Source: fortune.com