An exchange of attacks between US and Iranian forces and Iran’s announcement it was suspending some communication with the U.S. sent oil prices rising on Monday.
President Trump tried to calm fears by contending a planned Israeli attack on Beirut would not take place and talks with Iran were still ongoing. But the exchange of military strikes over the weekend dashed hopes for an imminent peace deal between Washington and Tehran.
Brent crude rose more than $4 or 4.4% to close at $95.16 a barrel.
West Texas Intermediate crude, the U.S. benchmark, gained more than $5 or 5.6% and finished at $92.30 a barrel on the New York Mercantile Exchange.
Natural gas finished down for the day, closing at $3.184 MMBtu with a fall of $0.106 or 3.22%.