The weekend trade deal between the U.S. and the European Union sent crude oil prices climbing by 2% on Monday and some Oklahoma energy stocks grew by 5% to 7%.
Adding to the increased crude prices was the announcement by President Trump that he will shorten the deadline for Russia to end the war in Ukraine or face sanctions.
West Texas Intermediate crude shot up $1.55 or 2.4% to $66.71 per barrel on the New York Mercantile Exchange.
Brent crude futures, considered the global standard, rose $1.60 or 2.3% to finish at $70.04 a barrel. It was the highest close in 10 days for Brent following the President’s announcement he intends to reduce the 50-day deadline he gave Russia to 10-12 days.
Some Oklahoma energy stocks saw some major gains in Monday’s trading including a 7% jump for Vital Energy Inc., and 5% increases for Empire Petroleum Corp. and Helmerich and Payne. But one firm, Stardust Power recorded a drop of 13%.