Philadelphia Drivers Hit with Overnight Gas Price Jump as Oil Crosses $100 a Barrel
Philadelphia drivers saw a surprise price hike for gasoline overnight on September 9 as crude oil crossed $100 a barrel for the first time in nearly six weeks. The average pump price jumped 7 cents to $3.92 per gallon, according to CBS Philadelphia.
The surge was triggered by ongoing military exchanges between U.S. forces and Iran, including Houthi strikes on Saudi energy infrastructure. Brent crude touched $99 a barrel before climbing further, driven by the two separate developments.
Goldman Sachs warned clients that if shipping disruptions in the Persian Gulf and Red Sea worsen, Brent could exceed $120 a barrel. However, the bank's base case calls for Brent to fall back to $85 by year's end, with the U.S. West Texas Intermediate benchmark settling near $80.
President Donald Trump suggested that oil prices would fall sharply once the United States prevails in the conflict, potentially dropping to two dollars a gallon. Treasury Secretary Scott Bessent echoed this view on Fox News, stating that there is substantial supply ready to come to market once the fighting ends.