The price of crude oil in the U.S. reaches $82 per barrel before the Fourth of July holiday.

• The price of U.S. crude oil surpassed $82 per barrel, with gains occurring before the Fourth of July holiday.
• Despite an increase in oil prices, the average price for a gallon of gasoline is currently $3.49 across the country, which is a decrease of five cents compared to the previous month.
• Geopolitical tensions in the Middle East are once again affecting crude prices.

On Monday, U.S. crude oil futures increased before the Fourth of July holiday, following a 6% increase in May due to concerns about a broader Middle East conflict and anticipation of increased summer fuel demand.

Despite the increase in oil prices, the national average price for a gallon of gasoline is currently $3.49, which is a decrease of five cents from the previous month.

Here are today's energy prices:

• The August contract price for oil is $82.04 per barrel, which represents a 50 cent increase, or 0.61%, while the year-to-date gain in U.S. oil is 14.5%.
• The global benchmark for September contract is up 58 cents, or 0.68%, to $85.58 per barrel. This represents an increase of 11.1% year to date.
• The price of gasoline in August was $2.53 per gallon, which represents a 1.43% increase compared to the year-to-date average.
• The August contract price for gas is $2.55 per thousand cubic feet, which represents a 1.92% decrease compared to the previous year. Despite this, gas is currently ahead by 1.4% year to date.

Commodity strategists with TD Securities stated in a note on Friday that oil market speculators have increased long positions, predicting higher prices, due to the tensions between Israel and the Iran-backed Hezbollah militia in Lebanon being a significant factor in the recent strong price action.

TD strategists stated that the increase in risk premium is unlikely to cause a renewed rally, but will only support prices.

In the third quarter, JPMorgan predicts a global oil liquids deficit of 1 million barrels per day, while August will see a significant 1.9 million bpd drawdown.