As Oklahoma energy stocks were split in Wednesday’s trading, crude oil prices bounced back nearly 2% to reach a two-week high.
The gain on crude prices came because of reported worries about global supplies following the Trump administration’s decision on Wednesday to issue new sanctions against Chinese importers of oil from Iran. Reuters explained the U.S. issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot refinery”, as President Donald Trump seeks to ramp up pressure on Tehran and drive Iranian oil exports down to zero.
It sent both Brent and WTI to their highest levels since April 3.
West Texas Intermediate crude rose $1.14 or 1.9% to settle at $62.47 a barrel on the New York Mercantile Exchange.
Brent crude finished up $1.18 or 1.8% to $65.85 a barrel.
Gainers outnumbered losers in Oklahoma energy stocks. Vital Energy scored a 6% gain, tops among state energy firms. NGL Energy Partners suffered the biggest percentage drop at more than 4%.