Nearly 1% increase in U.S. crude oil, trades above $71 per barrel after Fed rate cut.

• The Fed's surprise rate cut has caused a rebound in crude futures.
• Tensions between Israel and Hezbollah are also escalating.

On Thursday, U.S. crude oil experienced a nearly 1% increase in price, following the Federal Reserve's decision to cut interest rates for the first time in over four years and amid ongoing tensions in the Middle East.

On Wednesday, the Fed surprised the market with a larger-than-anticipated cut of half a percentage point. Despite this, oil prices ended the day slightly lower as the rate cuts had already been largely factored in.

Here are Thursday's energy prices:

• The October contract for crude oil is $71.54 per barrel, which represents a 63-cent increase, or approximately 0.9%. Despite this, the year-to-date change in U.S. crude oil remains minimal.
• The November contract price for oil is $74.37 per barrel, which represents a 72 cent increase, or approximately 1% rise. However, year-to-date, the global benchmark has decreased by 3.5%.
• The price of gasoline in October was $2.035 per gallon, which represents an increase of approximately 1.2%. However, year to date, gasoline prices have decreased by roughly 3%.
• The October contract price for natural gas is $2.261 per thousand cubic feet, which represents a 1% decrease compared to the previous month. To date in the year, gas prices have fallen almost 10%.

As tensions escalate between Israel and Hezbollah in Lebanon, crude futures are experiencing a resurgence, while U.S. oil stockpiles fell by 1.6 million barrels last week, providing additional support for prices.

This week, dozens were killed and thousands were injured in Lebanon due to the explosion of pagers and walkie-talkies used by Hezbollah. According to U.S. officials, Israel is believed to be responsible for the attack.

Yoav Gallant, Israel's Defense Minister, announced on Wednesday that his country's focus is shifting from Gaza to the northern border with Lebanon, where 60,000 Israelis have been evacuated, marking the beginning of a new phase of the war.

An all-out war between Israel and Hezbollah could lead to Iran's direct intervention, increasing the risk of disruptions to Middle East crude oil supplies, as warned by oil market analysts for months.