Oil Price Inched Up on Israel-Lebanon Fighting

Crude oil prices rose Monday as escalating fighting between Israel and militants in Lebanon created more geopolitical uncertainty in a market already jittery over volatility in oil-producing countries.

New York light, sweet crude for August delivery gained 55 cents to $77.58 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.

London's Brent crude futures gained 41 cents to $77.99 a barrelon ICE Futures .