Associated PressNEW YORK - The price of oil rose to near $106 a barrel Friday. Gasoline prices jumped the most since mid-February, unwelcome news for summertime drivers.

Benchmark crude oil for August delivery gained $1.04 to $105.95 a barrel on the New York Mercantile Exchange. Even with a drop of $1.60 a barrel Thursday, the price of oil rose $2.73 this week and is up nearly 10 percent in July.

Drivers are seeing the impact.

Latest Video

The average price for a gallon of gas in the U.S. rose 3 cents to $3.55 a gallon, the biggest one-day increase since Feb. 16, according to AAA. Prices rose 10 cents in both Indiana and Michigan.

The average price has gained 8 cents since Monday, reversing what had been a steady decline since the middle of June.

In the Atlantic-Cape May counties region in New Jersey, the average price Friday was $3.43 a gallon, said AAA's Daily Fuel Gauge Report.

That's up from $3.37 a gallon just a week ago.

Fill-ups for summertime road trips could get even more expensive. Gasoline futures rose 10 cents, or 3.2 percent, Friday to $3.12 a gallon, and have risen about 37 cents in July.

"It would not be surprising to see the national average rise another 10-15 cents per gallon as the effects of higher futures and wholesale prices reach consumers at the pump," wrote AAA spokesman Michael Green in an email.

Oil has risen from about $97 on July 1, mainly for two reasons. Traders are concerned that unrest in Egypt could affect oil shipments through the Suez Canal, a key shipping lane. And U.S. supplies of oil and gasoline have dropped dramatically in the past two weeks, signaling a rise in demand in the world's largest economy.

Recommended for you

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.