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Commodities

US Natural Gas Futures Rise with Oil Amid Iran Conflict Uncertainty

Guavy AI Editorial Team
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Oil Natural Gas
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US natural gas futures rose on Tuesday as oil prices increased. The gains in natural gas were limited by record production levels and expectations for reduced demand.

Natural gas futures for September delivery on the New York Mercantile Exchange climbed 8.6 cents, or 3.2%, to close at $2.78 per million British thermal units. This came after the contract fell to its lowest point since August 7 on Monday.

The rise in oil prices was driven by a decrease in the likelihood of an agreement to end the Iran war. Iran announced it would take a more offensive approach, while the United States rejected extending a ceasefire agreement. As a result, crude oil prices climbed above $91 per barrel.

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