US oil prices rise to 7-year highs 1:07
(CNN) -
The rise in oil prices reached another milestone on Monday, when crude surpassed $ 85 a barrel for the first time in seven years.
US oil increased another 1.2% to reach US $ 85.07 a barrel.
It is the first intraday trade above US $ 85 since October 2014.
The rebound has intensified in recent weeks due to the emergence of a global energy crisis, marked by spikes in the prices of natural gas, coal and crude oil.
Oil increased 13% this month alone and is already up 120% from a year ago.
Chaos in the supply chain and energy crisis put the world economy in check
Rising oil is amplifying inflationary pressures and raising the cost of living for Americans.
Can a high oil price affect inflation?
1:24
A gallon of regular gasoline costs $ 3.38 nationally, up from $ 3.32 a week ago, according to AAA.
A year ago, when fewer people were driving, the median price of gasoline was $ 2.16 a gallon.
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Brent crude, the global benchmark, gained 1% on Monday and hit an intraday high of US $ 86.51 a barrel, a new three-year high.
Oil Oil prices
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