The benchmark for international oil, Brent Crude, has surpassed $120 per barrel – a two-month high. West Texas Intermediate, the US benchmark, passed $116 per barrel, as both gas and diesel continued to rise.

Coming at the start of the summer driving season, as European leaders appear set to block most Russian oil from the Western market, and as China emerges from lockdowns and begins to ramp up manufacturing, it would seem energy costs have nowhere to go but up in the short term.

Brent had reached $120 in March briefly, right before President Biden released 1 million barrels per day from the Strategic Petroleum Reserve for six months. By early April the price of Brent had dropped to $98 per barrel, but it then began steadily climbing back up from there.

As Europe negotiates a Russian oil embargo, the US continues to ban all Russian oil, coal, and natural gas imports, and China begins to emerge from its own lockdowns and amp up activity, energy prices continue to rise. The national Average gas price has reached 4.62 per gallon, according to AAA, whereas the average price was $3.00 per gallon just one year ago.

OPEC+ will meet this Thursday, but the cartel has shown little interest in taking action to lower prices or increase output. It agreed to a small increase in production last month.

On the bright side, Brent remains below its all time high of $147.50.