U.S. crude oil on pace for 4% weekly gain after stock market rebound

U.S. crude oil is on pace for a more than 4% gain for the week as stocks rebounded from Monday’s sell-off and the risk of wider war in the Middle East that could disrupt production and transportation looms over the market.

The S&P 500 jumped 2.3% Thursday, its best session since November 2022, after tumbling to start the week due to fears the economy might slide into recession.

Here are Friday’s energy prices:

• West Texas Intermediate September contract: $76.72 per barrel, up 53 cents, or 0.7%. Year to date, U.S. oil has gained 7%.
• Brent October contract: $79.64 per barrel, up 53 cents, or 0.7%. Year to date, the global benchmark is ahead 3.3%.
• RBOB Gasoline September contract: $2.40 per gallon, little changed. Year to date, gasoline has advanced 14.2%.
• Natural Gas September contract: $2.13 per thousand cubic feet, up 1 cent, or 0.56%. Year to date, gas is down 15%.

The Middle East remains on edge after the assassination of Hamas leader Ismail Haniyeh in Tehran last week. Israel has been preparing for retaliatory strikes by Iran and the Hezbollah militia in Lebanon, though the U.S. has been working through diplomatic channels to avert an escalation of hostilities.

The U.S., Egypt and Qatar have demanded in a joint statement that Hamas and Israel return to the negotiating table to close a cease-fire deal in Gaza.