Crude oil prices soar by nearly 4% over latest Middle East fighting

Crude oil prices didn’t just gain on Thursday as the Middle East fighting expands and boils over, they soared, going up close to $4 a barrell. And Oklahoma energy stocks shot up as well with one firm seeing a nearly 10% gain for the day.

It’s a sign that investors believe Israel’s response to Hezbollah in Lebanon and Iran’s response with hundreds of missiles will mean retaliation from Israel. And that could result in a major disruption of the flow of oil out of the Middle East.

Brent crude, the global benchmark jumped an amazing $3.72 or 5.03% and closed at $77.62 a barrel on ICE Futures Europe.

The US benchmark, West Texas Intermediate crude shot up $3.61 or 5.15% and finished at $73.71 a barrel on the New York Mercantile Exchange.

At points during the day, WTI futures hit $73.97 a barrel, a one-month high. Brent also hit a month high climbing as high as $77.89 a barrel.

The day’s boost in crude oil prices also sent Oklahoma energy stocks upward as well including some with 4% gains—Canoo, Helmerich & Payne, Ovintiv, and SandRidge Energy. None compared to the nearly 10% soar by Vital Energy.