Oil crosses $85 for the first time in seven years

US oil rose 1.2% to $85.07 a barrel. This is the first intraday trade above $85 since October 2014.

The rebound has accelerated in recent weeks as a Global energy crisis has emerged, marked by spikes natural gas, coal and crude oil prices. Oil is up 13% this month alone and is now up 120% from a year ago.

The oil spike is adding to inflationary pressures and raising the cost of living for everyday Americans.

A regular gallon of gas doesn’t fetch $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 was $2.16 per gallon.

Global benchmark Brent crude on Monday rose 1% to a high of $86.51 a barrel, a new three-year high.

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