Oil surpasses $85 for the first time in seven years
![<i>Apu Gomes/AFP/Getty Images</i><br/>US oil jumped another 1.2% to trade as high as $85.07 a barrel. Oil pumpjacks are shown here operating at dusk Willow Springs Park in Long Beach](https://abc17news.b-cdn.net/abc17news.com/2021/10/hypatia-h_db318010e9d8c3732edda15d94deea15-h_c87789df6e2c60086c033bb8e1085faf-300.jpg)
US oil jumped another 1.2% to trade as high as $85.07 a barrel. Oil pumpjacks are shown here operating at dusk Willow Springs Park in Long Beach
By Matt Egan, CNN Business
The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years.
US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014.
The rebound has intensified in recent weeks as a global energy crunch has emerged, marked by spikes in natural gas, coal and crude prices. Oil is up 13% this month alone and is now up 120% from a year ago.
The oil spike is amplifying inflationary pressures and raising the cost of living for everyday Americans.
A regular gallon of gas not fetches $3.38 nationally, up from $3.32 a week ago, according to AAA. A year ago, when fewer people were driving, the average gas price stood at $2.16 a gallon.
Brent crude, the global benchmark, gained 1% Monday and hit an intraday high of $86.51 a barrel, a fresh three-year high.
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