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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery shot up $2.13 to $77.10 on the New York Merc, while Brent for October added $2.13 to $81.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI, down from a discount of $14.40. Natural gas lost seven cents to $1.96. The TSX energy index added 4.54 points to close at 292.09.

Oil prices climbed alongside political tensions in the Middle East and Libya. Israel and Hezbollah exchanged heavy fire over the weekend, marking one the biggest clashes in nearly a year of warfare along the Israeli-Lebanese border. Meanwhile, the government in eastern Libya announced a halt to the country's 1.2-million-barrel-a-day oil production and exports, amid a power struggle over control of the central bank (and therefore control of oil revenue). The majority of Libya's oil fields are in the east. The shutdown, however, has not been confirmed by the internationally recognized government in Tripoli or by National Oil Corp., the state firm that controls the country's resources.

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