Crude prices tumble over possible ceasefire between Hezbollah and Israel

The prospects of a possible ceasefire between Israel and Hezbollah sent crude oil prices down nearly 5% on Tuesday, and in turn some Oklahoma energy stocks felt the impact and suffered up to a 7% tumble.

There remains some anxiety that the tension is far from eased and things could erupt into more fighting at any time. There are reports that Israel has expanded its ground war in Lebanon while Hezbollah wants to talk peace as its leaders worry about being targeted by Israel.

West Texas Intermediate crude, the U.S. benchmark fell $3.57 or 4.63% to close at $73.57 a barrel on the New York Mercantile Exchange.

Global standard Brent crude fell $3.75 or 4.63% and finished at $77.18 a barrel on ICE Futures Europe.

At one point in trading, both benchmarks were down more than $4 a barrel.

The big tumble in crude oil prices also sent a majority of Oklahoma energy stocks downward on Tuesday. Vital Energy took a nearly 8% nosedive and was joined by Ovintiv Inc. with a 4% fall.