Crude oil futures gained more than 3% on Monday on reports of a production shutdown in Libya and after Israel and Hezbollah followed up attacks on the Lebanese border.
Libya’s eastern government in Benghazi said on Monday that the North African country’s oil production and exports would be shut down, amid a dispute with the internationally recognized western government in Tripoli over who should lead the central bank.
Here are Monday’s energy prices:
- West Texas Intermediate October contract: $77.50 per barrel, up $2.67, or 3.62%. Year to date, US crude has gained 8.1%.
- Brent October contract: $81.51 per barrel, up $2.49, or 3.15%. Year to date, the global benchmark has advanced 5.7%.
- RBOB Gasoline September contract: $2.32 per gallon, up more than 4 cents, or 1.89%. Year to date, gasoline is up 10.7%.
- Natural gas September contract: $1.99 per thousand cubic feet, down more than 2 cents, or 1.34%. Year to date, gas is down 21.52%
Israel launched a massive wave of airstrikes in Lebanon on Sunday, describing the operation as a preemptive strike to prevent Hezbollah from firing missiles.
Hezbollah later said it had launched hundreds of missiles into Israel in retaliation for the killing of one of the militia group’s senior commanders in July.
The Middle East has been reeling for weeks after the killing of a Hezbollah commander in Beirut and a Hamas leader in Tehran, Iran.
Iran also vowed to retaliate against Israel, but so far the threatened attack has not materialized.