Crude oil prices had a mixed response Monday to the growing conflict in the Middle East with Brent crude falling and West Texas Intermediate climbing.
What worries investors and analysts is that Israel’s attacks on the Hezbollah might result in a curtailment of Iranian crude oil and as a result prices inched upward. There’s a belief that further fighting between Israel and Hezbollah might draw Iran.
Brent crude for November dropped 17 cents to $71.81 a barrel on ICE Futures Europe.
But WTI, the US benchmark, gained 30 cents to settle at $68.48 a barrel on the New York Mercantile Exchange.
Reuters reported that Brent was headed to nearly a 9% month-on-month loss, the biggest drop since November 2022. WTI was on the path toward a 7% decline since the end of August.
Oklahoma energy stocks ended up split for the day with losers about the same as the number of those with gains.
SandRidge Energy had a strong 3% gain while Canoo dropped more than 8%.