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Crude oil futures end higher on Middle East tensions

06 Aug 2021 Evaluate

Crude oil futures ended higher on Thursday, regaining ground after moving sharply lower over the three previous sessions. Oil prices rose on concerns about rising Middle East tensions, as Israeli aircraft struck what its military said were rocket launch sites in south Lebanon early on Thursday in response to earlier projectile fire towards Israel from Lebanese territory. Two rockets launched from Lebanon on Wednesday struck Israel, which initially responded with artillery fire amid heightened regional tensions over an alleged Iranian attack on an oil tanker in the Gulf last week.

Crude oil futures for September rose $0.94 or 1.4 percent to settle $69.09 barrel on the New York Mercantile Exchange. October Brent crude surged $0.98 or 1.4 percent to settle at $71.35 a barrel on London's Intercontinental Exchange.