Oil prices have risen. That's making gas more expensive for US drivers and helping Russia's war

abcnews.go.com:

Oil prices are up, and that affects people far and wide

FRANKFURT, Germany — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel.

The increase also complicates the global fight against inflation and feeds Russia's war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world's goods or harvest fields.

Here are things to know about the recent increase — and where prices might be going:

Above all, Saudi Arabia's decision to cut back how much oil it sends to global markets has pushed prices higher.

The world's second-largest oil supplier has slashed production by 1 million barrels a day since July and decided this month to extend the cut through the end of the year.

Russia, Saudi Arabia's ally in the OPEC+ oil producers' coalition, also extended its own cut of 300,000 barrels a month through 2023.

Simply, tighter supply means higher prices.

International benchmark Brent oil traded at just under $94 per barrel Monday, up from $90 before the extension on Sept. 5 and from $74 before the Saudi cut was first announced. U.S. oil traded at around $90.50, up from $68 before the Saudi cut.

Some analysts think oil could hit $100 a barrel based on robust demand and limited supply. But that's far from the only view.

Oil prices can be volatile, and while they might briefly top $100 in the coming months, they're unlikely to stay there, said Jorge Leon, senior vice president for oil markets at Rystad Energy. He foresees prices in the low $90s on average in the last three months of the year.

That's still high historically, he said, supported by “resilient” demand for fuel to drive and fly.

The Saudi cuts were a