The progress in talks between the U.S. and Iran over nuclear weapons development and continued sanctions against Iranian oil sent crude oil prices tumbling more than 2% on Monday and Oklahoma energy stocks fell as well, some in the range of 6% to 9%.
But investors are still said to be concerned about the impact that the U.S. tariffs will have on the world demand for fuel.
West Texas Intermediate crude fell $1.60 or 2.50% to $63.08 a barrel on the New York Mercantile Exchange. It was the first day of trading since last Thursday since U.S. markets were closed due to the Good Friday holiday.
Brent crude dropped $1.70 or 2.5% and closed at $66.26 a barrel. The slide came after the global benchmark managed a more than 3% gain last Thursday.
Natural gas prices finished down 23 cents or 7.06% to close at $3.02 per MMBtu.
Oklahoma energy stocks suffered with the highest percentage loss of more than 9% experienced by Empire Petroleum Corporation. Mammoth Energy and Stardust Power each lost more than 6% for the day. ONEOK dropped 5%.