happening. what is all this going to do to inflation and supply chain situations. we have seen u.s. markets before president biden start talking. the dow is down 700 point ps p pairing the losses down about 400 points right now on pace for its fourth straight losing day. oil prices, the world benchmark hit above $99 a barrel. fresh 7-year highs. retreating a bit in u.s. oil prices down $91.50. the higher oil prices go will drive up gasoline prices. fresh 7-year high. 3.53 a gallon. up 23 cents in a month. this means they will see higher costs for transportsing goods,
negotiations between rebels and the syrian government. in spite of the delivery international aid officials say there are no reassurances of future deliveries after the supplies run out in a month. secretary of state john kerry is pressing for full access to the city. let s turn now to business where oil s dismal start to the new year continued yesterday as the u.s. benchmark hit fresh 12-year lows. cnbc s jeff cutmore joins us live from london. jeff you cover the oil markets. are we past the panic time here? well, for a lot of oil companies, they clearly are still panicking, shiba. and particularly in the shale oil sector, where their cost of production is high. and that is the fear that we might see some bankruptcies in this space going forward. but morgan stanley putting out a new call on the sector. they think oil may go to $20 a barrel. but, hey, spare a thought for the motorists. at least you re going to get your petrol cheaper. i just want to move on one other story that i t