Crude oil prices dropped 1% on Tuesday as word spread about a possible shaky Russia-Ukraine peace deal. It affected natural gas prices and Oklahoma energy stocks with a negative impact.
The markets didn’t like what they heard as Russian President Vladimir Putin met with U.S. President Donald Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner in the Kremlin on Tuesday.
According to Reuters, just before the meeting, Putin warned European powers that if they started a war with Russia, Moscow was ready to fight. Putin also threatened to sever Ukraine’s access to the sea in response to drone attacks on tankers of Russia’s “shadow fleet” in the Black Sea.
Global benchmark Brent crude futures settled 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude was down 68 cents, or 1.15%, at $58.64 a barrel.
Natural gas prices fell $0.087 or 1.77% to $4.834 MMBtu.
A majority of Oklahoma energy stocks experienced losses in Tuesday’s trading including Gulfport Energy with a nearly 4% decline for the day. Expand Energy finished down more than 3%. One firm with a nearly 5% gain for the day was Stardust Power.