Brent Crude Climbs Near $116 as US Gasoline Hits $4.23

businessenergy-markets 12 posts · 8 accounts

Oil prices climbed sharply, with Brent crude extending gains to a session high near $116 a barrel and moving back above $115, while West Texas Intermediate jumped 5% intraday to $106.50. Brent was about 35% above lows from two weeks earlier.

The rally also lifted energy-linked assets and fuel costs. The US Oil ETF, USO, hit its highest premarket level since July 2015, while the national average price of gasoline reached $4.23 a gallon, the highest since July 2022, according to GasBuddy.

From the sources (12 posts)

@kobeissiletter

BREAKING: The US Oil ETF, $USO, officially hits its highest level since July 2015 in pre-market trade. US gas prices are up to their highest level since 2022.

@deitaone

WTI CRUDE JUMPS 5% INTRADAY TO $106.50 PER BARREL. BRENT CRUDE BREAKS ABOVE $109, UP 4.9%, THE HIGHEST SINCE MARCH 23

@firstsquawk

Brent crude oil price rises 2.3% to reach $113.8 per barrel

@kalshi

JUST IN: Gas hits highest price since 2022

@zerohedge

Brent crude back to post-war highs: $115 this morning and up $30 in 2 weeks.

@zerohedge

US Gas Prices Hit Highest Level In 4 Years, Analyst Says

@hedgeye

🚨 Brent crude oil hits $115/barrel

@deitaone

BRENT , WTI CRUDE FUTURES EXTEND GAINS AFTER US HOUSING DATA, LAST UP 4%

@briansozzi

RT @GasBuddyGuy: BREAKING: National average price of gasoline reaches $4.23/gal, highest since July, 2022 according to GasBuddy, and could…

@zerohedge

*BRENT CRUDE EXTENDS GAINS TO SESSION HIGH NEAR $116/BBL

@geiger_capital

Brent oil back above $115/bbl… +35% off the lows 2 weeks ago The December Brent contracts are now at their highs of the entire Iran conflict. Market is starting to accept that this won’t be over quick.

@firstsquawk

BRENT CRUDE EXTENDS GAINS TO SESSION HIGH NEAR $116/BBL

Market impact

80 big

XLE USO JETS SPY XLY XOM

Why it matters: A sharp oil-supply-shock rally (Brent near $116, +35% in two weeks, gas at a four-year high) is a market-wide event: energy producers and oil ETFs gain, while higher fuel costs hit airlines and consumers, feed inflation, and pressure the broad index and Fed rate path.

At publish time: Headline facts alone show a major oil spike: Brent near $116 (post-war highs, +$30/+35% in two weeks), WTI +5% intraday, USO at a 2015 high, and national gas at $4.23 (highest since 2022) — a real supply-driven price move, not rhetoric.

model confidence: high

What happened next

1–2 weeks later

played out moved up

Oil rally and record gas prices extended over next two weeks (gas $4.54+, Brent ~$108) amid ongoing Iran/Strait of Hormuz supply shock; predicted energy-up/inflation impact continued.

based on follow-up coverage

Follow-up coverage

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May 6

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May 7

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WTI Settles Above $102, Brent Near $108 as Oil Rally Extends

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