When Iran ended its cooperation with the U.N. nuclear watchdog, crude oil investors responded with increased trading, no doubt because of concerns that Middle East oil production might be interrupted. As a result, crude oil prices rose 3% on Wednesday.
One positive note was the trade deal reached between the U.S. and Vietnam. Prices rose as a result but were also hindered by news of a surprise buildup in U.S crude oil supplies.
Brent crude settled $2.00 higher, or 3%, to $69.11 a barrel, while U.S. West Texas Intermediate crude gained $2.00, or 3.1%, to $67.45 a barrel.
Brent has traded between a high of $69.21 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel.
Iran enacted a law stipulating any future inspection of its nuclear sites by the International Atomic Energy Agency will need approval by Tehran’s Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel’s air strikes.
Oklahoma energy stocks were mostly in the positive territory following Wednesday’s close of trading. Stardust Power gained 6% and LSB Industries finished up nearly 5% while Helmerich & Payne rose 4%.