Oil Prices Soar, Igniting Inflation Concerns and Driver Woes

Oil prices surged to their highest level in months after Saudi Arabia extended production cuts, leading to concerns about inflation. The spike in prices follows major supply cuts by OPEC+, further constraining supply. Gas prices have already started to rise, with the average cost of a gallon of regular gasoline up over 8% in the past month. The increase in oil and gasoline prices threatens to exacerbate stubborn inflation, complicating the Federal Reserve's efforts to tame price pressures and achieve a soft landing for the economy.