Koyfin
- US crude oil prices jumped above the $90 a barrel level for the first time in 10 months.
- Crude oil prices are up 12% year-to-date and are up 40% from their March low of $64 a barrel.
- Rising oil prices could drive upside pressure in inflation and force the Fed to stay tight with its monetary policy.
US crude oil prices jumped nearly 2% on Thursday to clear the $90 a barrel level, representing the first jump above that level since November 2022.
The surge comes as the US economy remains resilient, helping drive demand for oil, and as Saudi Arabia and Russia commit to oil production cuts through the end of the year.