Crude oil futures ended sharply higher on Monday amid renewed geopolitical concerns after Hezbollah and Israeli forces exchanged attacks across the Lebanon-Israel border. Israel purportedly launched a preemptive airstrike on Hezbollah missile launch sites in southern Lebanon. Hezbollah secretary general Hassan Nasrallah called the attack retaliation for the assassination of senior commander Fuad Shukr last month. The increase by the price of crude oil also came as Libya's eastern government said it would shut down crude production and halt exports amid a dispute with the internationally recognized western government over control of the central bank.
Benchmark crude oil futures for October delivery rose $2.36 or about 3.2 percent to settle at $77.19 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $2.41 or 3.04 percent to settle at $81.43 a barrel on London's Intercontinental Exchange.