# Latest Oil Price Update: August 12, 2026 Brent crude oil trades at $91.60 per barrel, $25 higher than the same period last year. - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-08-12 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/7ce8986a-7290-4441-9af2-876e6a9b3935 ## Current Oil Price As of 6:35 a.m. Eastern Time on August 12, 2026, Brent crude oil is priced at $91.60 per barrel. This marks a 94-cent drop from yesterday's price. However, compared to the same period last year, oil prices are approximately $25 higher. These fluctuations reflect ongoing volatility in global energy markets, driven by supply-demand imbalances and geopolitical tensions. ## Year-over-Year Change Oil prices have surged by 37.70% over the past year, with a 19.64% increase in the last month alone. This upward trend stems from factors like global economic recovery, OPEC+ production cuts, and rising energy demand in China. Geopolitical instability in key oil-producing regions has further exacerbated price pressures, keeping markets on edge. ## Brent vs. WTI Benchmark Oil prices are primarily tracked using two benchmarks: Brent and West Texas Intermediate (WTI). While Brent serves as the global standard, WTI focuses on North American markets. The U.S. Energy Information Administration relies on Brent as its primary reference for analyzing worldwide trends, given its broader representation of traded crude oil. ## Historical Oil Shocks Oil prices have experienced extreme volatility throughout history. Major events like the 1970s oil embargo, the 2008 financial crisis, and the 2020 COVID-19 pandemic caused dramatic price swings. For instance, during the pandemic, demand collapse pushed prices below $20 per barrel. These crises underscore the fragility of global energy markets and their susceptibility to external shocks. ## Strategic Petroleum Reserve The U.S. maintains a Strategic Petroleum Reserve (SPR) to safeguard energy security during emergencies such as wars, natural disasters, or supply disruptions. The SPR provides temporary relief to consumers and ensures critical industries remain operational. However, it is not a long-term solution, as its primary purpose is to mitigate short-term price spikes and supply shortages. ## Oil and Natural Gas Link Fluctuations in oil prices often ripple through the natural gas market. When oil becomes expensive, some industries switch to natural gas for certain operations, boosting demand. This interplay between energy sources influences global energy strategies and highlights the interconnected nature of commodity markets. Diversification remains key to managing such dependencies. ## Key Price Drivers Oil prices respond to a complex mix of factors, including geopolitical events, OPEC+ decisions, and economic growth projections. For example, increased U.S. shale oil production can bolster global supply, capping price rises. Conversely, Middle East tensions or unexpected production halts can trigger immediate spikes. Market sentiment and speculative trading also play significant roles in daily price movements. ## Economic Implications High oil prices can fuel inflation, straining economies worldwide. Rising energy costs trickle down to transportation, manufacturing, and consumer goods, squeezing household budgets. Energy-dependent economies face slower growth as spending power declines. Thus, oil price trends carry far-reaching consequences, affecting not just traders but entire populations and global economic stability. ## Sources covering this story - https://fortune.com/article/price-of-oil-08-12-2026/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._