The Economic Times

Why oil and gas prices are skyrocketing? US crude oil crosses $100, gas prices jump 32% will crude oil and gas prices continue to rise?

Why oil and gas prices are skyrocketing? US crude oil crosses $100 and gas prices jump 32% will they keep rising? Prices are surging due to Middle East tensions, supply disruptions, and the Strait of Hormuz blockade restricting nearly 20% of global oil flows. Brent crude is nearing $110$119, while U.S. gasoline approaches $3.84 per gallon. Diesel prices also surged past $5 per gallon, impacting shipping and consumer goods costs nationwide. Analysts warn these trends could push gas prices closer to $120, signaling sustained volatility at the pump for weeks ahead.