Brent crude contracts hit $90 a barrel for the first time since 2014

(CNN Business)–Brent crude oil crossed $90 a barrel on Wednesday, suggesting more spending pain will occur.

The global benchmark Brent crude jumped 2.2%, and was trading at $90.10 a barrel.

This is the first time that Brent crude has crossed the $90 threshold on a daily basis since October 13, 2014.

US crude rose 2.4 percent to $87.62 a barrel.

Prices, which have been moving slowly, have risen in recent days.

The national average for regular gasoline rose to $3.34 a gallon on Wednesday, according to AAA. This is up from $3.32 a week ago and above the recent low of $3.28. Besides being a seven-year high last fall it was $3.42.