Title: U.S. Crude Oil Surges Above $80 Per Barrel as Middle East Tensions Escalate

U.S. crude oil prices continued their upward trajectory on Monday, surpassing the $80 per barrel mark. The surge in prices can be attributed to ongoing tensions in the Middle East, particularly between Iran and Israel. In response to the potential threat, the Pentagon has deployed additional forces to the region, including a carrier strike group and F-35 warplanes.

According to The Wall Street Journal, Israel has raised its military alert levels amidst concerns of possible strikes by Iran and the Hezbollah militia. US Defense Secretary Lloyd Austin has ordered a guided-missile submarine to be stationed in the Middle East. The tensions have heightened following the recent assassination of a Hamas leader in Tehran, with Israeli intelligence sources suggesting that Iran may respond in the coming days.

Despite OPEC's decision to lower its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China, U.S. crude oil prices remain resilient. The market has reacted strongly to the increased geopolitical risks, as investors seek to add protection to their portfolios using oil and gold, according to UBS analysts.

The rise in oil prices signifies a break from the four-week declining trend, which was triggered by fears of a recession and a flash sell-off in the stock market. The recovery was supported by the Bank of Japan's decision to lift interest rates by a small margin.

As of Monday's closing, the West Texas Intermediate September contract was trading at $80.06 per barrel, marking a significant increase of $3.22, or 4.19%. Year to date, U.S. crude oil has gained 11.7%. Meanwhile, the Brent October contract stood at $82.30 per barrel, representing a rise of $2.64, or 3.31%. The global benchmark has recorded a 6.8% increase year to date.

Alongside the surge in oil prices, other energy commodities also witnessed positive movements. The RBOB Gasoline September contract climbed by more than 5 cents, or 2.2%, reaching $2.44 per barrel. Year to date, gasoline prices have risen by approximately 16.2%. In contrast, the Natural Gas September contract increased by more than 4 cents, or 2.15%, settling at $2.18 per thousand cubic feet. However, year to date, natural gas prices have fallen by nearly 13%.

With tensions in the Middle East intensifying and oil prices on the rise, market analysts suggest that the oil market is still on track for a deficit as inventories decline. As geopolitical risks continue to play a significant role in oil market dynamics, investors and industry observers will closely monitor developments in the region.

Note: This article is generated based on the information provided.