Oil prices rose Monday August 5, 2012 amid rumors of an attack on Syria's embattled leader and as Tropical Storm Ernesto appeared likely to grow into a hurricane that could disrupt Gulf of Mexico oil operations.

New York's main contract, West Texas Intermediate light sweet crude for September, finished trade at $92.20 a barrel, up 80 cents from Friday's closing price.

Brent North Sea crude for delivery in September added 61 cents to settle at $109.55 a barrel in London trade. Read more »

Oil prices fell Tuesday July 31, 2012 as hopes faded for a new round of government stimulus in the U.S.

Benchmark U.S. crude lost $1.93, or 2.2 percent, to $87.85 per barrel in New York, while Brent crude lost $1.58 to $104.62 per barrel in London.

Traders have been guessing for months about when and whether the Federal Reserve would try to spark the economy. Hopes rose last week, then faded Tuesday, following reports of strengthening consumer confidence and home values. Read more »

Oil prices hit two-month highs this week, driven by Federal Reserve stimulus hopes and Middle East unrest.

Other commodities enjoyed mixed fortunes as traders tracked the latest twists and turns in the eurozone debt crisis.

Markets were rattled on Friday July 20, 2012 by growing jitters over Spain, whose 10-year government bond yields hit danger levels above 7.0 percent.
 
World oil prices soared to their highest levels since May, before running into profit-taking. Read more »

Western diplomats can hardly believe their luck. Sanctions against Iran's oil exports are proving more effective than hoped yet the impact on the price of crude has so far been minimal.

It was not supposed to be this way. A decade of Iranian intransigence over its disputed nuclear program had finally eroded Western patience. Sanctions were supposed to be a painful, but necessary step. Read more »