U.S. crude futures surpassed $90 per barrel on Thursday for the first time since November 2022. West Texas Intermediate (CL=F) jumped 1.8% to settle at $90.16. Brent crude futures (BZ=F) also closed higher, at $93.70 per barrel.
Oil has been on a steady rise over the past three months. Crude futures are up more than 30% since late June amid a tight supply squeeze following OPEC+ production cuts and unilateral output reductions extended by Saudi Arabia and Russia.
Oil derivatives like gasoline and jet fuel have been on the rise, too. On Thursday, Delta (DAL) was the latest airline to warn of lower profits due to higher maintenance cost and jet fuel prices.
The company now expects a quarterly earning in the range of $1.85 to $2.05 per share, versus a prior forecast of $2.20 to $2.50.
American (AAL), Spirit (SAVE), United Airlines (UAL), Southwest (LUV), and Alaska Air (ALK) also issued similar warnings recently.
Energy prices, specifically gasoline, were the biggest culprit of August's hotter-than-expected inflation print.
"The index for gasoline was the largest contributor to the monthly all-items increase, accounting for over half of the increase," read the CPI release.
The average price of gasoline hit $3.86 per gallon on Thursday, according to AAA. Prices were $0.06 higher than a week ago, and $0.16 more than exactly one year ago.
Drivers should expect little relief in the near-term, unless the price of crude comes down.
"Gasoline prices will continue to trickle upwards as crude oil this morning has broken $90 per barrel," Andy Lipow of Lipow Oil Associates said in a note to investors on Thursday.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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