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Oil prices, after falling last week, climbed on Monday as investors weighed a renewed exchange of military strikes between the United States and Iran against indications that both sides remain engaged in negotiations aimed at securing a lasting peace agreement.
Stocks were mixed, pulled higher in East Asia by the continued surge in interest in artificial intelligence, and lower in Europe.
The United States said it carried out a series of “self-defense” strikes in Iran over the weekend, the latest in a series of attacks in the past week. Iran’s Revolutionary Guard announced that it had struck a U.S. air base in retaliation for a U.S. attack on a communications facility.
Here is the latest:
- Oil pushes higher.
- Stocks are mixed.
- Gasoline prices slide.
Oil pushes higher.
The price of Brent crude, the global benchmark for oil, rose nearly 3 percent to about $94 a barrel for August delivery, the most heavily traded contract.
West Texas Intermediate crude, the U.S. benchmark, jumped 3.5 percent to about $91 a barrel for July delivery, its most popular contract.
Stocks are mixed.
Futures on the S&P 500 pointed to a 0.3 percent increase when stocks resume trading in the United States on Monday.
Stocks in Asia, where countries import vast quantities of oil and gas, were mixed. South Korea’s benchmark KOSPI surged 4 percent higher, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng index rose nearly 1 percent. Stocks in mainland China declined.
In Europe, stocks were mixed. The Stoxx 600, a broad-index that tracks the region’s largest companies, was down slightly. Germany’s Dax index was up 0.5 percent.
Gasoline prices slide.
Gas prices fell again on Monday, dropping to a national average of $4.32 a gallon, according to the AAA motor club. Still, the overall increase in gasoline prices has raised the cost for drivers by 45 percent since the war began.
Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
The average price of diesel pulled back three cents to $5.45 on Sunday, up 45 percent since the start of the war.
More on the Fighting in the Middle East
Iran’s Hard-Liners: A political fight is playing out in Iran, where the small but loud faction has used rallies, state media and private and public statements to try to undermine negotiations.
Eid al-Adha: From Iran to Gaza, the celebrations that mark the sacred Hajj pilgrimage to Mecca were muted as war dragged on and shortages of food and fuel roiled the region.
War Insurance: Many of the ships stranded in the Persian Gulf depend on coverage negotiated at Lloyd’s, the center of marine insurance for more than 300 years.
Iran’s Internet Blackout: Iran began restoring internet access for tens of millions of Iranians, a senior official said, lifting a blackout imposed after the United States and Israel launched military strikes on the country.
World Cup: The participation of Iran’s soccer team has been in doubt due to the war. With less than two weeks until the start of the tournament, Iran is continuing preparations at a training camp for three matches on the American West Coast.
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How High Are Gas Prices Where You Live?
Here is a county-level look at where drivers are facing the highest costs.

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