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Crude Oil at 7 Year High

Crude oil through the roof

With new issues in the middle east Crude oil is at 7 year high, which will extend pressures on gasoline prices and push inflation even higher.

U.S. crude oil prices reached the highest level in seven years this week, amid supply disruptions and geopolitical jitters, Matt writes.

Why it matters: The climbing cost of crude — which is an input cost into virtually everything that is transported — will add to the inflationary pressures that are bedeviling politicians, policymakers and consumers.

What happened: On Monday,Yemen’s Houthi rebels used drones to destroy fuel tankers in the United Arab Emirates. The U.A.E. is OPEC’s third-largest producer.

Axios Markets By Matt Phillips and Emily Peck ·Jan 21, 2022