Gasoline prices hit highest level since March 2022 as oil tops $100

Core Insights - Gasoline prices have reached their highest level since March 2022, with the national average exceeding $3.88 per gallon, marking an increase of $0.25 from the previous week and $0.96 from a month ago [1] - Oil prices have surged over 40% since the onset of the Iran conflict, contributing to rising fuel costs and impacting consumer spending [2] - Diesel prices have increased approximately 38% from a month ago, surpassing $5 per gallon, which poses a significant concern for the transportation sector as 70% of goods in the US are trucked [3] Industry Impact - The escalation of conflict in the Middle East is causing crude oil to trade in a 'fast market' environment, with West Texas Intermediate crude exceeding $97 per barrel and Brent crude topping $107 [5] - The ongoing war could lead to further price increases, with RBC Capital Markets predicting oil prices could exceed $128 per barrel if the conflict persists for several weeks, and potentially surpass the 2008 peak of $146 per barrel if it lasts for months [6] - Higher energy prices are likely to influence inflation readings, as noted by Fed Chair Jerome Powell, indicating a broader economic impact beyond just fuel prices [4]