U.S. crude futures surpassed $90 per barrel on Thursday for the first time since November 2022. West Texas Intermediate (CL=F) jumped 1.8% to settle at $90.16. Brent crude futures (BZ=F) also closed higher, at $93.70 per barrel.
Oil has been on a steady rise over the past three months. Crude futures are up more than 30% since late June amid a tight supply squeeze following OPEC+ production cuts and unilateral output reductions extended by Saudi Arabia and Russia.
The company now expects a quarterly earning in the range of $1.85 to $2.05 per share, versus a prior forecast of $2.20 to $2.50.
Energy prices, specifically gasoline, were the biggest culprit of August's hotter-than-expected inflation print.
"The index for gasoline was the largest contributor to the monthly all-items increase, accounting for over half of the increase," read the CPI release.
The average price of gasoline hit $3.86 per gallon on Thursday, according to AAA. Prices were $0.06 higher than a week ago, and $0.16 more than exactly one year ago.
Drivers should expect little relief in the near-term, unless the price of crude comes down.
"Gasoline prices will continue to trickle upwards as crude oil this morning has broken $90 per barrel," Andy Lipow of Lipow Oil Associates said in a note to investors on Thursday.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.