Oil prices hit $90 a barrel, the highest since the Obama administration

U.S. oil prices have spiked to a seven-year high of $90, reaching their highest rates since Barack Obama was in the White House.

Crude prices jumped 2.2% in afternoon trading, peaking at just over $90 per barrel, a rate not seen since late 2014. 

The latest jump reflects a continuing trend of spiking oil and gas prices that began late last year. Triple A on Saturday listed the average gallon of gas in the U.S. at $3.43, up from $2.45 a year ago. 

Those numbers have been climbing sharply in recent weeks: A month ago the average price of gas stood at $3.29.