Oil Prices Surge, Gasoline Costs Ticker Higher

U.S. oil prices continued their upward trend on September 24, with Brent crude rising 1.25% to $99.35 a barrel. This increase in energy costs is having a ripple effect across various sectors of the economy, particularly transportation and manufacturing.

The cost for a gallon of regular gasoline in the U.S. ticked higher to an average of $4.48 on September 24, according to motor club AAA. Diesel prices also hit an all-time high this week.

Federal Reserve officials hinted that another interest rate hike may be necessary to combat inflation, which is further adding to market anxiety and contributing to the recent surge in Treasury yields.