WASHINGTON (dpa-AFX) - Oil prices moved notably higher on Monday amid optimism about the outlook for demand during the summer driving season, and on likely supply disruptions due to the tensions in the Middle East.
Reports about Ukrainian drone attacks on Russian refineries, and tighter U.S. sanctions on Iran raised concerns about supplies, and supported oil prices. A weaker dollar contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for August ended higher by $0.90 or about 1.1% at $81.63 a barrel.
Brent crude futures climbed to $86.01 a barrel, gaining $0.77 or about 0.9%.
Rising tensions on the Israel-Lebanon border has raised concerns about the outlook for oil supplies. Also, Israel and the Iran-backed Hezbolloah have been reportedly continuing to trade threats of war.
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