Gasoline prices in the U.S. dropped below $3/gallon due to increased OPEC+ production and weak demand, but quickly rose after new U.S. tariffs on Russian oil. Brent crude prices hit $66.42/barrel, up 10% from Monday’s low, while WTI crude was at $61.94/barrel. Fresh sanctions on Russian energy giants Rosneft and Lukoil were announced by Washington, signaling a shift in U.S. policy towards Russia. Analysts predict that oil prices may rise in the short term but are likely to fall back down due to oversupply concerns and trade war uncertainties. U.S. shale production costs are expected to rise to $95/barrel by the mid-2030s as the industry moves to more complex and costly resources.

Read more at Yahoo Finance: U.S. Pump Prices Could Soon Spike After Fresh Sanctions On Russian Oil