Oil Traders Send Crude Above $90 for First Time Since Oct. 2023
U.S. oil prices just surged past a level not seen in months, and the move could quickly show up at gas stations.
Benchmark West Texas Intermediate crude briefly jumped above $90 per barrel, marking its highest level since October 2023 after an unusually large one-day surge of roughly 14%, according to market data cited by Reuters and Bloomberg.
The sudden spike immediately raised concerns about how quickly fuel prices could follow.
Gasoline costs tend to move with crude oil, though not instantly. The U.S. Energy Information Administration recently placed the national average gas price near $3.30 per gallon, leaving room for a rapid climb if crude stays elevated.
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Some market analysts are warning prices could push above $3.50 per gallon in the coming days if the rally continues.
The problem is that the reason behind the surge is still developing. Oil markets often react sharply to supply disruption fears, geopolitical tensions, or production signals from major producers.
If crude holds near $90, drivers across the United States could begin seeing higher prices at the pump within the next one to two weeks.
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