Growing concern that a ground war by Israel into the Gaza Strip might widen the fighting in the Middle East sent crude oil prices shooting up nearly 6% on Friday while Oklahoma energy stocks scored strong gains too.
The marked increase in prices occurred a week after Hamas carried out a deadly attack in southern Israel.
West Texas Intermediate crude gained $4.78 or 5.8% to close at $87.69 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude finished up $4.89 or 5.7% at $90.89 per barrel on ICE Futures Europe.
It was the highest daily percentage gains for both benchmarks since April. Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.
November natural gas fell 10 cents to $3.24 per 1,000 cubic feet.
Oklahoma energy stocks saw gains of up to 7%, notably by Empire Petroleum while Devon Energy went up 4%.
The day’s trading resulted in gains for other energy stocks, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 2.02 at 41.25 – change 5.17%
Cheniere (LNG) up 2.49 at 176.71 – change 1.42%
Chevron (CVX) up 2.83 at 164.06 – change 1.75%
ConocoPhillips (COP) up 3.75 at 124.86 – change 3.09%
Diamondback Energy (FANG) up 4.21 at 166.57 – change 2.59%
Energy Transfer LP (ET) up 0.06 at 13.89 – change 0.43%
Enterprise Products Partners (EPD) up 0.19 at 27.63 – change 0.69%
EOG Resources (EOG) up 4.88 at 133.84 – change 3.78%
Exxon Mobil (XOM) up 3.40 at 109.87 – change 3.19%
Kinder Morgan (KMI) up 0.20 at 17.11 – change 1.18%
Marathon Oil Corp. (MRO) up 1.27 at 28.07 – change 4.73%
NOV Inc. (NOV) up 0.62 at 20.49 – change 3.12%
Occidental Petroleum (OXY) up 1.14 at 64.37 – change 1.81%
Phillips 66 (PSX) down 0.15 at 110.60 – change 0.14%
Pioneer Natural Resources (PXD) up 7.93 at 248.29 – change 3.29%
Tellurian Inc. (TELL) down 0.02 at 0.88 – change 1.85%
Valero (VLO) down 0.18 at 126.05 – change 0.15%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.99 at 74.47 – change 1.34%
CenterPoint (CNP) up 0.04 at 27.57 – change 0.14%
Entergy (ETR) down 0.04 at 93.55 – change 0.05%