COLDWATER, MI (WTVB) – Oil has hit $100 per barrel for the first time since July 2022.
The ripple effects from the conflict in Iran are continuing to hit global markets, with U.S. crude oil futures up as much as 20 percent while Brent, the international benchmark, jumped over 15 percent.
Oil continues to rise, following a record 35 percent jump last week. Gas prices nationwide are up as well, with a national average of $3.45 a gallon.
The average gas price in Michigan shot up by 56-cents a gallon in the past week. AAA Michigan says the average price is now up to $3.55, up 72-cents in the last month and 51-cents more than last year.
The average price in in Branch County this morning stands at $3.69 per gallon, but experts are warning another big jump in pump prices is imminent.
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