U.S. crude oil regains 1% after two days of decline

• Despite the high tensions between Iran and Israel, U.S. crude oil and Brent are still up 1.2% and 2%, respectively, this week.
• Gaza cease-fire talks are scheduled to take place in Qatar Thursday.

On Thursday, U.S. crude oil futures increased by 1%, recovering from a two-day decline, with the benchmark reaching a price of $78 per barrel.

On Monday, the U.S. benchmark surpassed $80 per barrel due to the possibility of conflict between Israel and Iran, prompting the Pentagon to send forces to the Middle East for protection.

With Iran apparently willing to abort an expected strike on Israel if Gaza cease-fire talks scheduled Thursday in Qatar are successful, prices subsequently pulled back as war fears eased, at least temporarily.

Here are Thursday's energy prices:

• The September contract for crude oil is $77.80 per barrel, representing an increase of 80 cents or 1.04%. To date in the year, the US has seen a 8.6% increase in crude oil.
• The October contract price per barrel is $80.52, an increase of 98 cents or 0.99%. Year-to-date, the global benchmark is ahead by 4.58%.
• The price of gasoline in September increased by more than 2 cents, or 1.07%, compared to the previous month. Additionally, year to date, gasoline prices have risen by 11.57%.
• The September contract price for natural gas is $2.23 per thousand cubic feet, which represents an increase of more than 1 cent or 0.635%. Despite this, year-to-date gas consumption has decreased by 11.2%.

This week, OPEC lowered its forecast for the year due to softening demand in China, the world's second-largest economy. Additionally, U.S crude stockpiles rose as the summer driving season nears its end.

The price of U.S. crude oil and Brent has increased by 1.2% and 2%, respectively, this week due to the ongoing instability in the Middle East.