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Oil surpasses $85 for the first time in seven years

TOPSHOT - Oil pumpjacks operate at dusk Willow Springs Park in Long Beach, California on April 21, 2020, a day after oil prices dropped to below zero as the oil industry suffers steep falls in benchmark crudes due to the ongoing global coronavirus pandemic. - President Donald Trump on April 21 ordered his administration to come up with a plan to aid US oil companies struggling with a massive supply glut and record-low crude prices. "We will never let the great US Oil & Gas Industry down," Trump tweeted. (Photo by Apu GOMES / AFP) (Photo by APU GOMES/AFP via Getty Images)

(CNN) — The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years.

US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014.

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

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

A regular gallon of gas not fetches $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 stood at $2.16 a gallon.

Brent crude, the global benchmark, gained 1% Monday and hit an intraday high of $86.51 a barrel, a fresh three-year high.

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