Oil briefly tumbles below $100 a barrel. That's good news for gas prices

US oil prices briefly tumbled below $100 a barrel on Monday, unwinding a significant chunk of the recent spike caused by Russia's invasion of Ukraine.

Oil plunged more than 8%, touching a low of $99.76 a barrel. That means oil has lost almost roughly quarter of its value since touching a near 14-year high of $130.50 a barrel on March 6.

It's the first time oil has traded below $100 since March 1.

"This is one hell of a correction," said Tom Kloza, global head of energy analysis at the Oil Price Information Analysis.