The price of crude oil in the US continues to increase, reaching over $77 per barrel for the fifth consecutive day, as the Pentagon announces the deployment of additional forces to the Middle East.

• The price of U.S. crude oil increased further last week due to ongoing tension in the Middle East.
• Despite OPEC lowering its demand forecast due to economic uncertainty in China, futures are trading higher.

On Monday, the price of U.S. crude oil surpassed $77 per barrel, marking the fifth consecutive day of increase, as the Pentagon deployed additional forces to the Middle East in preparation for a potential Iranian attack on Israel.

Lloyd Austin, the Defense Secretary, directed a carrier strike group with F-35 warplanes to quicken its deployment to the region and also ordered a guided-missile submarine to the Middle East.

Here are Monday's energy prices:

• The September contract for crude oil is $77.69 per barrel, representing an increase of 85 cents or 1.11%. To date in the year, the US has seen a 8.4% increase in crude oil.
• The October contract price per barrel is $80.37, an increase of 74 cents or 0.93%. In comparison to the year-to-date global benchmark, the price is up 4.3%.
• The September contract price for gasoline is $2.41 per barrel, which represents an increase of more than 2 cents or 1.13%. To date, gasoline prices have risen approximately 15% throughout the year.
• The September contract price for gas is $2.23 per thousand cubic feet, which is an increase of 9 cents or 4.39%. Despite this, gas prices are down nearly 11% year to date.

For nearly two weeks, Israel has been readying for potential attacks from Iran and the Hezbollah militia following the assassination of a Hamas leader in Tehran.

UBS analysts advised clients in a Monday research note that allocations to oil and gold are the primary methods for safeguarding portfolios against an increase in geopolitical tensions.

Despite OPEC reducing its global demand growth forecast by 135,000 barrels per day, U.S. crude oil is still trading higher.

Despite OPEC's concern about demand growth, the oil markets reacted strongly to increased geopolitical risk, and Phil Flynn, senior market analyst at the Price Futures Group, said the market is still on track for a deficit as inventories fall.

The price of U.S. crude oil increased by more than 4% last week, ending a 4-week decline, as the stock market recouped most of its losses from a sudden selloff due to rising concerns about a recession and following the Bank of Japan's decision to raise interest rates slightly.