President Trump’s weekend threat to increase sanctions on Russian oil because he’s “pissed off” at Russian leader Putin over the war in Ukraine led to a 2% oil price jump on Monday.
Prices hit a five-week high after the President made the comments in a Sunday interview and said he would impose up to 50% secondary tariffs on buyers of Russian oil if he felt Russia’s Vladimir Putin was hindering his efforts to end the war in Ukraine.
West Texas Intermediate crude rose $2.12 or 3.1% to settle at $71.48 per barrel on the New York Mercantile Exchange.
Brent crude,the world standard, gained $1.11 or 1.5% to finish the day at $74.74 a barrel.
It resulted in the highest close for Brent since February 24 and the highest for WTI since February 20.
Natural gas prices rose 5 cents or 1.33% to reach$4.12 per MMBtu.
Most Oklahoma energy stocks recorded gains in Monday’s trading including a 5% jump for Empire Petroleum Corporationand more than 3% for Helmerich & Payne. Of those with losses, Stardust Power dropped nearly 5%.