By Nathalie Voit

The average price of a gallon of gas in the U.S. hit a 13-year high of $4 on March 6, the American Automobile Association (AAA) reported on Sunday.

The national average for a gallon of regular unleaded gas topped $4.009 on Sunday, up from $3.610 one week ago and $2.768 one year ago, AAA said. Gas prices have not neared these levels since July 2008, when the highest recorded average price for a gallon of regular gasoline reached $4.114, according to data from AAA.

A resurgence in fuel demand and diminishing supply contributed to the price increases. However, rising oil prices stemming from the Russia-Ukraine conflict are largely driving extreme energy inflation, AAA said.

As one of the world’s largest energy suppliers, Russia provides about 12% of the world’s crude and over 40% of Europe’s natural gas, according to Eurostat. A boycott of Russian oil amid the Russian invasion of Ukraine combined with wide-ranging sanctions on Moscow by Washington officials contributed to higher prices at the pump. In just one month, the cost of a gallon of gas in the U.S. went up by 57 cents, AAA said.

Oil prices are expected to continue climbing as the U.S. and its European allies consider an outright ban on Russian crude. According to data from CME Group, U.S. crude briefly breached a 13-year high of $130.50 on March 6. As of 8:30 a.m. ET on March 7, WTI crude was up 4.85% to trade at $121.27 a barrel, an 86% increase from one year ago. Year-to-date, U.S. crude futures were up nearly 60%, according to MarketWatch.

Meanwhile, the international benchmark Brent crude spiked 4.50% to $123.29 a barrel on Monday morning. The contract briefly reached a high of $139.13 on March 7, its highest since 2008.

Uncertainty in the energy market is exacerbating deep and broad-based inflation in the U.S. economy. Consumer prices in January jumped 7.5% over the year, their largest annual increase since 1982. The 40-year high recorded in January was led by rapid inflation in the index for energy, which rose 27.0% year-over-year. Within the index, gasoline prices soared 40% in the twelve months leading to January, the Labor Department said.

The average price at the pump is $4.065 a gallon as of March 7, according to AAA.