Rallied by more U.S. sanctions targeting Russian oil and gas revenue, crude oil prices gained nearly 3% on Friday while prices in the U.S. hit their highest level in 3 months.
The sanctions issued Friday by the Biden administration went after Russian oil producers, tankers, intermediaries, traders and ports, all with the goal of hitting every level of Moscow’s oil production and distribution.
U.S. West Texas Intermediate rose $2.38 or 3.2% to reach $76.30 on the New York Mercantile Exchange, a three-month high.
Prices for global benchmark Brent crude went up $2.53 or 3.3% and hit $79.45 a barrel. It crossed the $80 a barrel mark for the first time since early October.
At one point in Friday’s trading, both WTI and Brent contracts gained more than 4%.
Natural gas also saw a spike as it went up 29 cents or 7.78% to finish at $3.99 MMBtu
Natural gas up 0.29 at $3.99 – change 7.78%
Oklahoma energy stocks split between gainers and losers on Friday.
While Canoo and Empire Petroleum each dropped more than 9% in trading, Helmerich & Payne made a strong 4% gain for the day.
