The US crude oil market is experiencing a 4% increase in value after the stock market recovers.

• Oil prices have risen this week due to the stock market rebound following Monday's sell-off and the tensions in the Middle East.
• Iran and Hezbollah militia in Lebanon are preparing to retaliate against Israel.

The price of U.S. crude oil is expected to increase by more than 4% this week, as the stock market recovers from its decline on Monday and the possibility of a broader conflict in the Middle East that could disrupt production and transportation remains a concern.

On Thursday, the S&P 500 experienced a 2.3% increase, marking its best session since November 2022, following a decline at the start of the week due to concerns about a potential recession.

Here are Friday's energy prices:

• The September contract for oil is $76.72 per barrel, representing a 53 cent increase, or 0.7%, while U.S. oil has gained 7% year to date.
• The October contract price for oil is $79.64 per barrel, which represents a 53 cent increase, or 0.7%, compared to the year-to-date global benchmark, which is currently ahead by 3.3%.
• Gasoline prices have remained relatively stable at $2.40 per gallon in September, with a year-to-date increase of 14.2%.
• The September contract price for natural gas is $2.13 per thousand cubic feet, which is a 1-cent increase or 0.56% higher. Despite this, gas prices have decreased by 15% year to date.

After the assassination of Hamas leader Ismail Haniyeh in Tehran last week, tensions in the Middle East have heightened, with Israel preparing for potential retaliatory strikes from Iran and Hezbollah in Lebanon. Despite efforts by the U.S. to prevent an escalation of hostilities through diplomatic channels, the situation remains tense.

A joint statement by the U.S., Egypt, and Qatar has called for Hamas and Israel to return to the negotiating table to end the cease-fire in Gaza.