U.S. gasoline futures broke through $4 for the first time WTI crude oil once again stood at $111

Oil prices rose about 4%
on Friday as U.
S.
gasoline prices jumped to record highs and investors worried that the EU embargo on Russian oil would lead to tighter supplies, the reporter learned.

As of press time, WTI crude oil futures rose 0.
54% to $109.
22 per barrel; Brent crude futures rose 0.
76% to $
112.
07.

Last week, U.
S.
gasoline inventories fell for the sixth straight week, pushing U.
S.
gasoline futures prices to record highs
.
Meanwhile, gasoline crack spread, a measure of refining margins, rose to its highest level
since April 2020.
In addition, according to Refinitiv's May 2021 data, the US 3:2:1-crack spread – another measure of refining profits such as gasoline and diesel – also rose to record highs
.

American gasoline and diesel prices rose to record highs
of $4.
43 and $5.
56 a gallon, respectively, on Friday, according to the American Automobile Club AAA.
Robert Yawger, executive director of Mizuho Energy Futures, said: "U.
S.
gasoline inventories have not increased
since March.
He noted that gasoline demand will spike
after the start of the Memorial Day holiday weekend in the United States.

Recently, oil prices have been in a state of
volatility.
Investors worry that the EU's eventual oil embargo on Russia will lead to tight supplies, but worry that a rebound in the pandemic could weaken global demand and weigh on oil prices
.

Louise Dickson, an analyst at Rystad Energy, said: "If the EU fully imposes an oil embargo on Russia, it may create a supply gap of 3 million barrels per day, which will completely disrupt and eventually change global trade flows, causing market panic and extreme price volatility
.
" ”