How rising oil price ripples through economy
Brent crude oil on Thursday climbed above $75 at one point, likely driven higher by the suspension of some Russian oil exports and the imminent tightening of U.S. sanctions on Iran. By the end of trading, crude prices had fallen back a bit. But the trend is clearly up since the beginning of the year, when Brent was going for about $53. We know that more expensive oil usually means more expensive gasoline. But it also drives up the cost of many other products and services, from food to airline tickets.
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