Oil price July 27, 2026: Brent falls to $90.43 a barrel

The oil price July 27 2026 stood at $90.43 a barrel at 6:35 a.m. Eastern, measured by the Brent crude benchmark, Fortune reported. The move matters for consumers because crude is a major input in gasoline prices, shipping costs and energy bills.

Fortune said Brent was $2.22 lower than the prior morning’s $92.65 level, a 2.39% decline. Even after that drop, the benchmark was well above recent comparisons: $16.04 higher than one month earlier and $21.92 higher than a year earlier.

What is the oil price on July 27, 2026?

Fortune reported Brent crude at $90.43 per barrel as of 6:35 a.m. ET on July 27, 2026. The same data showed oil at $74.39 one month earlier, up 21.56% from that level, and $68.51 one year earlier, up 31.99%.

Oil prices can change throughout the trading day while futures markets are open, according to Fortune. Futures markets are where buyers and sellers trade contracts tied to oil delivery at a later date, so prices move as those contracts trade.

Why oil prices can move quickly

Fortune said no one can predict oil prices with certainty because the market responds to supply and demand. Risks such as economic weakness, war and disruptions to supply can shift prices quickly.

The report also pointed to policy and production decisions as factors. In the United States, Fortune said drilling policy can affect expectations for future supply, citing the Trump administration’s 2025 move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing after Biden-era limits.

How crude oil affects gas prices

Drivers pay for more than crude oil when they fill a tank, Fortune said. The pump price also reflects refining, wholesale costs, taxes and retail markups by local gas stations.

Crude still plays the largest role because it usually makes up more than half the cost of a gallon of gasoline, according to Fortune. The report said gas prices often rise quickly when oil climbs, while declines in oil can take longer to show up at the pump, a pattern sometimes called “rockets and feathers.”

What is the Strategic Petroleum Reserve?

The U.S. Strategic Petroleum Reserve is a government-held supply of crude oil meant to protect energy security during emergencies, Fortune reported. It can be used during shocks tied to sanctions, storm damage, war or other disruptions.

Fortune described the reserve as short-term relief rather than a lasting fix. Its purpose includes helping consumers and keeping essential parts of the economy operating during severe price spikes or supply problems.

Brent, WTI and oil’s longer record

Fortune identified Brent crude and West Texas Intermediate as the two main oil benchmarks. Brent is the main global benchmark, while WTI is the leading North American benchmark.

Brent is often used to track global oil performance because it prices much of the world’s traded crude, Fortune said. The U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook, according to the report.

Over time, oil has swung sharply. Fortune cited the 1970s oil shock tied to Middle East export cuts during the Yom Kippur War, the mid-1980s price decline linked to weaker demand and more non-OPEC supply, the 2008 spike and financial-crisis slump, and the 2020 pandemic collapse that pushed oil below $20 a barrel.

Oil and natural gas are also connected as major energy fuels, Fortune said. If oil becomes more expensive, some industries may use more natural gas where they can, raising demand for gas.

This story draws on original reporting from Fortune.