Oil prices up, but still below records

Crude oil prices resumed their upward climb on Tuesday on concerns that the current conflict between Israel and Lebanon could widen to include other Middle Eastern nations, especially Iran.

Brent crude September contracts added 50 cents to $76.42 per barrel by late afternoon in London in trading on the International Petroleum Exchange.  West Texas Intermediate crude for August delivery was 45 cents higher by early afternoon to $75.75 per barrel, still well below the record price of $78.40, set on Friday.  With August contracts for WTI expiring at the end of the session on Thursday, attention is beginning to turn to September contracts, which added 55 cents to $77.46.

In addition, Nymex unleaded gasoline prices for August were up to $2.3460 per gallon, the highest they have reached since immediately after Hurricane Katrina, last August.