FILE-A gas station attendant pumps gas for a customer at a gas station in East Hampton, New York, on April 27, 2026. (Photo by James Carbone/Newsday RM via Getty Images)
Oil prices eased after the United States and Iran temporarily halted launching military strikes in the Persian Gulf.
The Associated Press reported that oil prices soared in July as fighting intensified in the Middle East amid concerns that a return to all-out war would slow the global flow of crude oil.
What’s the current price of oil?
By the numbers:
The price for a barrel of Brent crude oil to be delivered in September fell 4.9% to $92.02 shortly after trading resumed. The decline followed a 3.9% drop on July 24.
Brent crude, the international standard, briefly hit $102 a barrel last week. This was $30 more than the most actively traded contract in the Brent market was going for early in the month, and the highest it had been since May.
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In the U.S., the average price for a gallon of regular gasoline on July 26 was $4.11, up from $3.90 a month ago and just $3.15 in 2025, according to AAA.
If oil prices continue to soar, The Associated Press reported that this may lead to higher prices for every good that gets shipped, including groceries.
The AP reported that in the oil market, traders are buying and selling contracts for barrels of oil to be delivered months in the future.
Meanwhile, the price for a barrel of Brent crude to be delivered in October, which is now the most actively traded part of the market, dropped 4.6% to $87.48.
The Source: Information for this story was provided by The Associated Press. This story was reported from Washington, D.C.