The 4% climb in crude oil prices on Wednesday was nothing compared to the stunning gains recorded by some Oklahoma energy stocks after President Trump implemented a pause in the tariffs he announced last week for most countries other than China.
How about a 25% upward bounce for Empire Petroleum? Twenty-one percent for Vital Energy. Devon Energy recorded a 16% jump in its stock value while Helmerich & Payne soared 14%. Others scored 7% and 8% increases for the day.
The gains took place after President Trump announced a 90-day pause for most countries but increased the tariff rate for China to 125% and it took effect immediately.
As for crude oil prices, Brent, the world benchmark, rose $2.66 or 4.23% to close at $65.48 a barrel.
West Texas Intermediate crude in the U.S. gained $2.77 or 4.65% and finished at $62.35 per barrel on the New York Mercantile Exchange. The WTI gain put the U.S. benchmark back up above the $60 mark where it had fallen in Tuesday’s trading.
Natural gas prices jumped up 35 cents for a 10.13% gain to settle at $3.82 per MMBtu.
