New U.S. sanctions against Iran’s oil revenue stream resulted in a 1% gain for crude oil prices on Tuesday.
As reported by Reuters, the U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.
The move resulted in a $1.58 or 2.47% gain for West Texas Intermediate crude which settled at $65.59 a barrel on the New York Mercantile Exchange.
Brent crude rose 99 cents for a 1.45% gain and closed at $69.14 a barrel.
Natural gas prices rose $0.007 or 0.23% and closed at $3.004 per MMBtu.
Gainers outnumbered losers when it came to Oklahoma energy stocks on Tuesday. Vital Energy led the way with a 4% boost. On the down side, Stardust Power dropped more than 3% and ONEOK fell more than 2%.