Crude oil prices made another leap upward Tuesday as Russia and Ukraine tensions remain high and the U.S. is set to continue sanctions on both OPEC+ members Russia and Iran. At the sametime, some Oklahoma energy stocks made large gains of up to 12%.
Prices rose about 2% and reached a two-week high. Iran was the third biggest producer of crude in OPEC behind Saudi Arabia and Iraq in 2024, according to U.S. energy data, reported Reuters.
Brent crude, considered the global benchmark, settled up $1 or 1.5% to $65.63 a barrel.
West Texas Intermediate, the US standard, finished up 89 cents or 1.4% at $63.41 a barrel on the New York Mercantile Exchange.
Big gains were recorded by three Oklahoma energy stocks. Empire Petroleum finished up more than 13% and Vital Energy shot up by nearly 13% while Helmerich & Payne rose more than 7% for the day.