Hot Commodities: Sweltering spike in oil pushes up US gasoline prices

Crude oil prices are escalating at a breakneck pace following sustained US-Israeli attacks against Iran. The Brent crude oil futures spiked 5% in last session to hit around 20-month high. WTI- the benchmark US crude oil spiked more than 8% to hit $82 per barrel ? it?s highest in 18 months. Oil prices have spiked after Iran launched a new wave of attacks against Israel, American bases and countries across the region. The war?s escalation is raising worries about how long disruptions could last for the production and transport of oil and natural gas in the region. Meanwhile, the US gasoline prices are jumping following the spike in global oil markets. The average price for a gallon is $3.25, up 9% from $2.98 a week ago, according to auto club AAA.

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