Oil prices surged to a 14-year high, while gasoline prices jumped past $4 a gallon to near a national record, as the U.S. and its allies discuss potential restrictions on the purchase of oil from Russia after the country invaded Ukraine.
The prospect of that changing briefly sent the price of Brent crude oil, the global benchmark, above $130 per barrel, its highest since 2008.
Gasoline prices had already been rising sharply before Russia invaded Ukraine, as demand rebounded from a slump early in the pandemic and supplies were slow to catch up.
Price increases have accelerated since Russia invaded Ukraine late last month.
Gasoline prices have jumped by 45 cents a gallon in the last week, to a national average of $4.06, according to AAA. That's within a nickel of the all-time high of in 2008.
Diesel fuel prices jumped even more rapidly, to a national average of $4.61 per gallon.
With prices soaring more than 60 cents a gallon in the last week, it's hard to keep up.
