What a roller coaster ride for crude oil prices. New threats of more sanctions on Iran were made by President Trump and as a result, oil prices rose nearly 2%.
The President threatened the secondary sanctions after a fourth round of U.S.-Iran talks was postponed. Reuters reported Trump said all purchases of Iranian oil or petrochemical products must stop and any country or person buying any from the country would be immediately subject to secondary sanctions.
West Texas Intermediate crude rose $1.04 or 1.8% but still closed under $60, with a settlement of $59.24 a barrel on the New York Mercantile Exchange.
Brent crude finished up $1.07 or 1.8% and closed at $62.13 a barrel.
Oklahoma energy stocks were mixed in Thursday’s trading with moderate gains by most but some also experienced losses. Matrix Services recorded the largest gain at nearly 5% while the largest loss of 3% was felt by LSB Industries Inc.