Commodities
Middle East Conflict Drives Up Oil Prices, Gasoline Costs Rise
Oil prices are on the rise as conflict in the Middle East continues to disrupt global crude supplies.
The Brent crude price has increased by 0.3% to $106.94 a barrel, while benchmark U.S. crude rose by $1.03 to $103.61 a barrel.
The jump in oil prices is causing the average cost of a gallon of regular gasoline across the country to rise from $4.08 a month ago and $3.18 a year ago to $4.33, according to AAA.
The increase in oil prices has also led to concerns about inflation, with some predicting that the Federal Reserve will raise interest rates for the first time in three years this week to combat high inflation.