Oil price surge shocks markets worldwide and stokes inflation fears
NBC News
The price of oil surged Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.
The price of oil jumped Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.
After soaring as much as 31% overnight, U.S. crude oil traded higher by around 5% to around $95 per barrel at midday. International Brent crude oil rose 6% to more than $100 per barrel.
The price of U.S. crude oil has now risen nearly 70% since the start of the year and more than 35% over the course of the last five days.
"The psychological level of $100 oil may just be a short-term price target on its way to higher levels as the conflict drags on, oil production is throttled back as oil storage fills up because tankers are unable to load," oil industry expert Andy Lipow said Sunday.
As of Monday afternoon, the average price of U.S. retail gasoline nationwide hit $3.47 a gallon, continuing its sharp march higher. Since the war began, the average price per gallon has risen more than 50 cents, according to price-tracking service GasBuddy.
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The price of oil surged Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.
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