Nearly 3% increase in oil prices due to Libya production stop and Israel-Hezbollah conflict.

• Amid a dispute over who should lead Libya's central bank, one of its rival governments declared that it would shut down oil production.
• Israel and Hezbollah traded a major wave of strikes on Sunday.

Nearly 3% gains in crude oil futures on Monday were due to reports of a production halt in Libya and the exchange of strikes between Israel and Hezbollah across the Lebanon border.

The eastern government in Benghazi announced on Monday that oil production and exports in Libya would cease, due to a disagreement with the internationally recognized government in Tripoli over who should control the central bank.

Here are Monday's energy prices:

• The October contract price for crude oil is $76.89 per barrel, which represents a $2.06 increase, or 2.75%, compared to the previous month. To date in 2021, the US has seen a 7.3% increase in crude oil prices.
• The October contract price for oil is $81.09 per barrel, which represents a $2.07 increase or a 2.62% rise compared to the previous month. To date in the year, the global benchmark has experienced a 5.3% advance.
• The price of gasoline in September increased by more than 3 cents, or 1.47%, compared to the previous month. Year to date, gasoline prices have risen by 10.3%.
• The September contract price for gas is $1.96 per thousand cubic feet, which is a decrease of 6 cents or 2.97%. To date, gas prices have decreased by 21.8%.

On Sunday, Israel carried out a significant airstrike campaign in Lebanon, characterizing the mission as a preemptive strike aimed at preventing Hezbollah from launching a volley of missiles.

In response to the killing of one of its senior commanders in July, Hezbollah stated that it had fired hundreds of missiles at Israel as a form of retaliation.

For weeks, the Middle East has been tense due to the assassinations of a Hezbollah commander in Beirut and a Hamas leader in Tehran, Iran.

Iran has threatened to retaliate against Israel, but no attack has been carried out yet.