WTI, Brent rise on Middle East tensions

Crude oil futures gained nearly 3% on Monday amid reports of a production halt in Libya and after Israel and Hezbollah traded a barrage of strikes across the Lebanon border.

Libya’s eastern government in Benghazi said Monday that oil production and exports in the North African country would 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: $76.89 per barrel, up $2.06, or 2.75%. Year to date, U.S. crude oil has gained 7.3%.
• Brent October contract: $81.09 per barrel, up $2.07, or 2.62%. Year to date, the global benchmark has advanced 5.3%.
• RBOB Gasoline September contract: $2.31 per gallon, up more than 3 cents, or 1.47%. Year to date, gasoline is ahead 10.3%.
• Natural Gas September contract: $1.96 per thousand cubic feet, down 6 cents, or 2.97%. Year to date, gas is down 21.8%

Israel launched a major wave of airstrikes in Lebanon on Sunday, describing the operation as a pre-emptive strike to prevent Hezbollah from firing a barrage of missiles.

Hezbollah subsequently said it had launched hundreds of missiles at Israel in retaliation for the killing of one of the militia group’s senior commanders in July.

The Middle East has been on edge for weeks after the assassinations of the Hezbollah commander in Beirut and a Hamas leader in Tehran, Iran.

Iran has also vowed to retaliate against Israel, but so far the threatened attack has not materialized.