Oil Prices Surge Past $100, Gas Prices Poised for New Highs

US oil prices have surpassed $100 per barrel, causing gasoline prices to reach multi-month highs. Prediction market traders on Kalshi think gas prices will hit new highs this year, with a 71% chance of surpassing $4.60 per gallon and a 57% chance of topping $4.80.

The current average gas price is $4.56 per gallon, according to AAA's national data. The record high for US gas prices was just over $5 per gallon in June 2022.

Tensions between the US and Iran have contributed to the rise in oil prices, with Western Texas Intermediate crude futures increasing by 3.5% on Monday to more than $103 per barrel.