Oil little changed at $72.36 a barrel on July 6

Brent crude traded at $72.36 a barrel at 8:30 a.m. Eastern on July 6, up 5 cents from the previous day, according to Fortune. The benchmark price matters because crude oil remains a major input for gasoline, shipping and other costs that can feed through to consumers.

Fortune reported that the July 6 price was about $3.50 higher than a year earlier. The move was small on a daily basis, but the same data showed a sharp fall from a month earlier, when oil stood at $95.60 a barrel.

Where the price stands

Using Brent as the benchmark, Fortune listed the latest comparisons this way:

• July 6 price: $72.36 a barrel.
• Previous day: $72.31 a barrel, a 0.06% increase.
• One month earlier: $95.60 a barrel, a 24.30% decline.
• One year earlier: $68.83 a barrel, a 5.12% increase.

Fortune said oil prices are shaped mainly by supply and demand, with expectations about future supply and demand also influencing trading. The report cited geopolitics, war risks, economic downturn fears and OPEC+ decisions as factors that can move prices quickly.

In the United States, Fortune said policy toward drilling can also affect expectations for supply. It cited 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, reversing Biden-era limits on Arctic drilling.

Why drivers watch crude

Fortune said gasoline prices reflect more than crude oil, including refining, wholesale distribution, taxes and local station markups. Even so, it said crude is usually the largest part of the pump price, often making up more than half the cost of a gallon.

That relationship can make fuel prices rise when oil jumps, according to Fortune. The report also noted that gasoline prices often fall more slowly when crude declines, a pattern commonly called “rockets and feathers.”

Fortune said higher oil prices can affect inflation beyond fuel bills. The added cost of energy and transportation can raise the price of everyday goods, including products moved from farms and warehouses to store shelves.

Benchmarks and reserves

Fortune identified Brent crude as the leading global oil benchmark and West Texas Intermediate as the main North American benchmark. The report said Brent is often used to judge global oil performance because it prices much of the world’s traded crude.

Fortune also noted that the U.S. Energy Information Administration uses Brent as its main reference in its Annual Energy Outlook. Over decades, Fortune said Brent prices have swung during wars, supply cuts, recessions and periods of oversupply.

Fortune described the U.S. Strategic Petroleum Reserve as an emergency crude stockpile meant to support energy security during disruptions such as sanctions, severe storm damage or war. The reserve can ease price spikes during supply shocks, according to Fortune, though the report described it as short-term relief rather than a lasting fix.

Oil and natural gas can also move in relation to each other, Fortune said. If oil becomes more expensive, some industries may use more natural gas where they can, which can lift demand for gas.

This story draws on original reporting from Fortune.