Cocoa and gold aren’t the only commodities roaring to new highs — turns out, oil is, too. On Tuesday, US oil prices climbed above $85 amid renewed concerns about geopolitical uncertainty. It’s the highest price since October 2023, during the Israel-Gaza conflict.

• American drivers are facing an average price of $3.53 per gallon at the pump right now — and much more in states like California ($5.08) and Hawaii ($4.70).
• Oil prices are expected to keep rising until May, according to GasBuddy’s Patrick De Haan, with gas prices predicted to return to $2.99 by the last quarter of 2024.

What comes first: inflation or higher commodity prices? The latter, according to the Bureau of Labor Statistics, which attributed the sharp pandemic jump in inflation to energy and food prices. This raises the stakes for next week’s March inflation report, when analysts expect a 3.3% year-over-year (YoY) increase — the third consecutive monthly rise.