Crude Oil Shows Another Strong Move To The Upside Amid Geopolitical Concerns

(RTTNews) - The price of crude oil moved sharply higher during trading on Monday, extending the surge seen over the two previous sessions.

After jumping $1.82 or 2.5 percent to $74.83 a barrel last Friday, crude for October delivery has shot up $2.36 to 3.2 percent to $77.19 a barrel.

With the continued increase, the price of crude oil further offset the mid-August sell-off but remains below its recent highs.

The extended rebound by crude oil prices came amid renewed geopolitical concerns after Hezbollah and Israeli forces exchanged attacks across the Lebanon-Israel border.

Israel purportedly launched a preemptive airstrike on Hezbollah missile launch sites in southern Lebanon early Sunday morning.

The Iranian-backed Hezbollah still managed to launch hundreds of missiles, but according to Reuters, most were intercepted or fell in open areas.

Hezbollah secretary general Hassan Nasrallah called the attack retaliation for the assassination of senior commander Fuad Shukr last month

However, Nasrallah said the barrage had been completed "as planned," partly offsetting worries about further escalation.

The increase by the price of crude oil also came as Libya's eastern government said it would shut down crude production and halt exports amid a dispute with the internationally recognized western government over control of the central bank.

The oilfields in eastern Libya account for almost all the country's oil production, which totals about 1.2 million barrels per day.