U.S. crude oil rebounds 1% after falling for two days

U.S. crude oil futures rose 1% on Thursday, rebounding from two days of losses as the benchmark reached for $78 per barrel.

The U.S. benchmark surged above $80 per barrel on Monday as Israel and OPEC member Iran appeared on the brink of direct conflict, with the Pentagon dispatching forces to the Middle East to defend its ally.

Prices subsequently pulled back as war fears eased, at least temporarily, with Iran apparently willing to abort an expected strike on Israel if Gaza cease-fire talks scheduled Thursday in Qatar are successful.

Here are Thursday’s energy prices:

• West Texas Intermediate September contract: $77.80 per barrel, up 80 cents, or 1.04%. Year to date, U.S. crude oil has gained 8.6%.
• Brent October contract: $80.52 per barrel, up 98 cents, or 0.99%. Year to date, the global benchmark is ahead 4.58%.
• RBOB Gasoline September contract: $2.34 per gallon, up more than 2 cents, or 1.07%. Year to date, gasoline is up 11.57%.
• Natural Gas September contract: $2.23 per thousand cubic feet, up more than 1 cent, or 0.635. Year to date, gas is down 11.2%.

China has also weighed on the market this week, with OPEC lowering its forecast for the year on softening demand in the world’s second-largest economy. And U.S crude stockpiles rose for the week ended Aug. 9 as the summer driving season nears its end.

U.S. crude oil and Brent are still up 1.2% and 2%, respectively, this week as the situation in the Middle East remains precarious.