U.S. crude oil rises, tops $82 per barrel ahead of Fourth of July holiday

• U.S. crude oil rose above $82 per barrel as prices have gained ahead of the Fourth of July.
• Though oil prices have risen, the average price for a gallon of gasoline stands at $3.49 nationwide, down about five cents from last month.
• Geopolitical tensions in the Middle East are once again affecting crude prices.

U.S. crude oil futures on Monday rose ahead of the Fourth of July holiday, after booking a 6% gain last month on the back of fears of a wider Middle East war and expectations of rising summer fuel demand.

Though oil prices have been steadily rising, the average price for a gallon of gasoline stands at $3.49 nationwide, down about fives cent from last month.

Here are today's energy prices:

Oil market speculators have added long positions, betting on a higher prices, as tensions between Israel and the Iran-backed Hezbollah militia in Lebanon have "proven to be a major driver of the strong price action of late," commodity strategists with TD Securities told clients in a note on Friday.

"However, this increase in risk premium is only likely to support prices, rather than fuel a renewed rally," the TD strategists said.

JPMorgan, meanwhile, is forecasting a global oil liquids deficit of 1 million barrels per day in the third quarter and a large 1.9 million bpd drawdown in August.