US Oil Prices Surge Above $90 a Barrel, Raising Concerns of Inflation

US oil prices surpassed $90 a barrel for the first time in 10 months, driven by concerns about supply disruptions in Libya and extended supply cuts by Saudi Arabia and Russia. This surge in oil prices threatens to push gasoline prices even higher and exacerbate inflation across the economy. Despite easing demand, gas prices are just pennies away from their highest level of the year, with a national average of $3.86 per gallon. The recent increase in energy prices is undermining the progress made by central banks in combating inflation, as rising gas prices contributed to higher-than-expected inflation reports in August.