Central Texas (FOX 44) – As crude oil stays above $100 per barrel, gas prices continue to soar, with AAA reporting the average price in Waco jumped 23 cents in a week to $3.88 a gallon which is $1.27 higher than a year ago.

Brent crude stayed above $100 while WTI rose sharply as escalating US-Iran tensions and fears over the Strait of Hormuz pushed global oil prices higher again.

The US began a blockade in the Strait of Hormuz after weekend peace talks yielded little. Oil prices jumped above $100 and stocks swung to start the week.

Nigerians face potential petrol price hikes as global crude exceeds $100 per barrel. Amid Middle East tensions, Abuja sees some filling stations lowering prices.

NEW YORK, April 21 (Reuters) - Oil prices pared gains on Tuesday after briefly climbing above $100 a barrel following an announcement from U.S. President Donald Trump that he was extending a ceasefire with Iran until Tehran submits a ‌proposal.

Oil prices have been climbing steadily through early 2026, driven by a combination of OPEC+ production discipline, geopolitical disruption in key producing regions, and supply infrastructure that has not kept pace with the recovery in global demand.

The U.S. has exported over 280 million oil barrels over nine weeks, drawing down strategic reserves. Yet oil and gas prices remained elevated.

Oil prices settled higher Tuesday as markets remained skeptical that the U.S. will agree to a new Iranian proposal to end the war.

Oil prices have rocketed this year due to the war with Iran. WTI, the primary U.S. oil price benchmark, has risen 85% to more than $100 a barrel. The prolonged closure of the Stra