Investors held off on their crude oil purchases Friday with word President Trump indicated he was not ready for an immediate military action in the Israel-Iran war. It led to a more than 2% drop in international crude oil prices.
The U.S. also implemented more sanctions against Iran as it appears to be dwindling its supply of missiles launched against Israel. There is still debate whether the U.S. might employ its bunker-busting bombs to eliminate Iran’s uranium enrichment program.
Brent crude dropped 2.3% to close Friday at $77.01 a barrel. But it still gained 3.6% for the week.
West Texas Intermediate crude dropped 0.28% on Friday and finished the day’s trading at $74.93 per barrel on the New York Mercantile Exchange. For the week, WTI finished up 2.7%.
Oklahoma energy stocks finished Friday with a split of gains and losses. Stardust Power fell 6% while NGL Energy Partners rose 3%.
