Oil hit $100 a barrel for first time since July. What’s next for gas?

Oil prices spiked Sept. 9 the morning after officials said U.S. military forces destroyed five Iranian crude oil tankers, the latest escalation in the war between the United States and Iran.

Futures for Brent crude oil, the international benchmark, reached $100 per barrel for the first time since July. Futures for November delivery of West Texas Intermediate, the U.S. benchmark, also rose Sept. 9. It was trading at around $95 per barrel.

While gas prices often lag oil prices, they also ticked higher this week after reaching a record Labor Day weekend high. As of Sept. 9, the national average price of a gallon of regular gasoline is $4.22, up from $4.01 last month and from $3.19 this time last year, according to AAA.

The jumps come days after average U.S. diesel prices reached record highs. On Sept. 9, diesel continued to set records, jumping to an all-time high of $5.92 per gallon, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

Gas prices have surged 42% since the start of the war on Feb. 28, prompting pain at the pump for some American consumers. The University of Michigan's measure of consumer sentiment and The Conference Board's measure…

Original source: https://www.usatoday.com/money/