New York August 12 2024: Oil prices jumped by more than 3% on Monday, rising for a fifth consecutive session on expectations of a widening Middle Eastern conflict that could tighten global crude oil supplies.
Brent crude futures settled higher at $82.30 a barrel, gaining $2.64, or 3.3%. U.S. West Texas Intermediate crude futures settled at $80.06 a barrel, up $3.22, or 4.2%.
The U.S. Defense Department said over the weekend announced that it will send a guided missile submarine to the Middle East as the region braces for possible attacks on Israel by Iran and allies.
