Iranian missile attack on Israel sent crude oil prices upward 3%

Iranian missiles were fired Tuesday against Israel following Israel’s campaign against Tehran’s Hezbollah allies in Lebanon and the action sent crude oil prices upward.

Prices gained nearly 3% as investors and traders worried that Israel might retaliate with an attack of its own missiles against Iran’s oil production and export facilities. One military expert said such an attack by Israel could disrupt the movement of more than a million barrels of oil a day.

West Texas Intermediate crude,the U.S. standard, rose $1.66 or 2.4% and finished the day at $69.83 a barrel on the New York Mercantile Exchange.

Brent crude, considered the global benchmark, gained $1.86 or 2.6% and closed at $73.56 a barrell.

At one point in the day’s trading, the two benchmarks were up by more than 5%.

The day’s trading resulted in gains for most Oklahoma energy stocks and the final trading for Chesapeake Energy and Southwestern Energy as their merger was completed and the new company will be named Expand Energy.