Crude oil prices rose again Wednesday, climbing 1% as President Trump vowed to impose higher tariffs on Russia on Tuesday if it didn’t take major steps to end the war in Ukraine.
At the same time, it had a negative impact on Oklahoma energy stocks as most suffered losses for the day.
It appeared investors were focused on the President’s growing threat against Russia and also on his threats of higher tariffs on countries that trade oil with Russia. At one point, both benchmarks, WTI and Brent fell 1% in the day’s trading.
But by the trading deadline, West Texas Intermediate crude ended up 79 cents or 1.14% to $70 a barrel on the New York Mercantile Exchange as investors ignored mixed U.S. data on crude and fuel inventories. It’s the first time WTI settled at $70 during the month of July.
Brent crude, with its September contract set to expire on Thursday, finished the day up 73 cents or 1.01% and closed at $73.24 a barrel.
While crude oil prices gained, most Oklahoma energy stocks recorded losses for the day of trading, including a 9% tumble by Stardust Power. Empire Petroleum dropped by nearly 5%.