Unsteady Lebanese peace deal sends crude oil prices higher

Fears that the truce between Israel and Lebanon might collapse sent crude oil prices higher by more than 2% in Tuesday’s trading.

Prices rose as Israel threatened to respond with an attack if Hezbollah continued sending rockets and artillery blasts into Israel. At the same time, OPEC+ might announce an extension of its supply cuts.

Global prices, Brent crude, made their biggest gain in two weeks, increasing 2.5% or $1.79 per barrel to settle at $73.62.

West Texas Intermediate crude, the U.S. benchmark gained $1.84 or 2.7% to close at $69.94 per barrel on the New York Mercantile Exchange. It was WTI’s biggest rising since Nov. 18.

Natural gas prices fell 17 cents or 5.32% to close at $3.04.

As for Oklahoma energy stocks, the majority recorded gains on Tuesday, including a strong 4% jump for Empire Petroleum.