Crude oil prices rose more than $1 a barrel on Wednesday and it wasn’t because of a new government in Syria. It came after the European Union took a stance to add more sanctions against Russia, a move that could result in tighter global crude supplies.
European Union ambassadors agreed on Wednesday to a 15th package of sanctions on Russia over its war against Ukraine, the Hungarian EU presidency said, according to Reuters.
In the U.S., West Texas Intermediate crude shot up $1.70 or 2.48% and closed for the day at $70.29 on the New York Mercantile Exchange. It was the first WTI settlement more than $70 in a few weeks.
Brent crude, the global benchmark, rose $1.33 or 1.84% to finish at $73.52 a barrel.
Oklahoma energy stocks recorded gains on Wednesday including a 4% increase for Unit Corporation and 3% bumps for Gulfport Energy and Expand Energy.
EV maker Canoo suffered another major loss of nearly 24%.