The price of Brent crude oil reached $87.55 per barrel
As of 7:15 a.m. Eastern Time on August 10, the price of Brent crude stood at $87.55 per barrel. That’s 11 cents, or 0.12%, higher than the previous morning, according to Fortune.
Over the past month, the price of Brent has risen by 14.48% from $76.47 per barrel. On an annual basis, prices have increased by 31.02%—on August 10 of last year, a barrel cost $66.82. The publication notes that Brent is the primary global benchmark for oil prices, while West Texas Intermediate (WTI) is the key benchmark for North America.
Movements in oil prices are primarily driven by supply and demand, as well as market participants’ expectations regarding future changes. Prices can be influenced by geopolitical events, OPEC+ decisions, and the risks of economic downturns or wars.
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Oil prices are updated during trading sessions on futures markets, where participants enter into contracts to buy or sell crude oil in the future. Changes in the price of crude oil affect the price of fuel, but it is also influenced by refining costs, the operations of wholesale suppliers, taxes, and gas station markups.
Fortune also notes that rising oil prices can increase energy and logistics costs. This, in turn, can affect the cost of goods that require fuel for transportation. In the event of severe supply disruptions, the U.S. can tap into the Strategic Petroleum Reserve, which is designed to support energy security during emergencies.
