New York CNN —US oil prices climbed above $90 a barrel on Thursday for the first time in 10 months, threatening to push gasoline prices even higher and heat up inflation across the economy. High oil prices have already created an unusual situation where gasoline is getting more expensive even after the summer driving season has ended. The latest oil market rally has been driven by concerns about supply. The recent jump in energy prices is undoing some of the progress made by central banks in the fight against inflation. A pair of inflation reports released this week showed prices rose by more than expected in August, in large part because of rising gas prices.

Source: CNN September 14, 2023 21:39 UTC