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Brent Crude Tops $100, Lifting Gas and Heating Costs

By Drooid · Sep 11, 2026, 7:03 AM UTC · How we work

Summary

Brent Crude Pushes Gas

Brent crude surpasses $100 a barrel, pushing U.S. gasoline prices higher.
AAA reports regular-gasoline average rose to $4.28 per gallon on September 10, up from $4.15.
A two-car household driving 1,000 miles monthly now pays about $17 more each month.
Air France-KLM warns long-haul economy round-trip fares could increase roughly €50.

Summary

EIA Forecast Outdated

The Energy Information Administration's forecast is outdated after crude prices surged.
The agency's October outlook is expected to raise heating-oil spending projections.
About five million Northeast households rely on heating oil for winter warmth.
The Winter Fuels Outlook projected average heating-oil spending of $1,390, an 8 % drop from the prior winter.
Distillate inventories, including heating oil, sit slightly below their five-year average as the season begins.

Summary

Morningstar Prices Cut

Morningstar's futures market now prices only one Federal Reserve rate cut in 2026, down from two.
Morgan Stanley economists say the Fed will likely look through the energy spike and not tighten policy.
Some analysts call the energy shock a supply shock that raises real stagflation risk.
Diesel has risen to about $5.52 a gallon, up from $3.54 a year earlier.

History

Historical Context

The 1973 OPEC oil embargo, triggered in October 1973, quadrupled Brent crude from roughly $3 to $12 per barrel, sparking global inflation. Saudi Arabia and Iran coordinated production cuts, slashing output by 5 million barrels daily, while the U.S. Energy Information Administration later recorded a 30 % inventory decline. Today's Brent surge above $100, AAA’s $4.28 gasoline price and heating-oil forecasts echo the 1973 shock’s strain on consumers and airlines like Air France-KLM. Policymakers now watch the Federal Reserve’s cautious stance, as Morgan Stanley warns stagflation risk, mirroring 1970s monetary tightening that eventually curbed inflation.

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Brent Crude Pushes Gas

Brent crude surpasses $100 a barrel, pushing U.S. gasoline prices higher.
AAA reports regular-gasoline average rose to $4.28 per gallon on September 10, up from $4.15.
A two-car household driving 1,000 miles monthly now pays about $17 more each month.
Air France-KLM warns long-haul economy round-trip fares could increase roughly €50.

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