After a decline on Monday, crude oil prices gained more than 4% on Tuesday as the fighting continued between Israel and Iran, showing signs that investors are indeed quite concerned the war will disrupt the flow of oil out of the Middle East.
Prices had fallen Monday on word that Iran reportedly wanted to return to nuclear negotiations with the U.S. but it proved to be untrue. President Trump also left the Group of Seven summit early and said his patience was wearing thin over the war but he would not approve the killing of Iran’s leader “for now.”
Brent crude, the world benchmark gained 4.52% to close at $76.54 per barrel.
West Texas Intermediate crude, the standard in the U.S., gained 4.46% and finished at $74.97 a barrel on the New York Mercantile Exchange.
Oklahoma energy stocks enjoyed a day of gains on Tuesday. NGL Energy Partners finished up 6% and Mammoth Energy at 5%. But one noticeable major loss was recorded by StarDust Power, the lithium mining firm in Muskogee. It recorded a loss of nearly 53%. The plunge in its value of shares came one day after an SEC filing showing the firm had received a notice of effectiveness, a signal that its registration statement was reviewed by the SEC and allows the offer and sale of securities to investors. Stardust Power had applied for approval of $5 million and 8,139,346 shares of common stock for sale last week.
Alliance Resource Partners LP