Oil Prices Hit Seven-Week Highs as Iran Unrest Fuels Market
Crude Advances as Geopolitical Risks Rise
Crude oil prices climbed to seven-week highs on Monday, supported by growing geopolitical concerns tied to Iran’s oil exports and broader unrest in the Middle East. Natural gas prices also surged, posting a nearly 7% gain in the session.
Market analysts pointed to escalating tensions in Iran after reports that the sanctioned OPEC producer intensified its crackdown on anti-government demonstrators. Nearly 500 deaths have been reported, heightening concerns that internal instability could disrupt Iran’s oil production or exports.
Crude Prices Settle Higher on Global Supply Fears
West Texas Intermediate (WTI) crude finished up 38 cents, or 0.6%, settling at $59.50 per barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, gained 53 cents, or 0.8%, closing at $63.87 per barrel.
Monday’s settlement marked Brent’s highest close since November 18 and WTI’s highest since December 5, reflecting renewed risk premiums entering the oil market.
Natural Gas Posts Strong Daily Gain
Natural gas prices also moved sharply higher as traders reacted to tightening supply expectations and broader energy-market momentum.
Natural gas futures gained $0.214, or 6.75%, to settle at $3.383 per MMBtu, marking one of the strongest single-day performances in recent weeks.
Oklahoma Energy Stocks Finish Mixed
Oklahoma energy stocks delivered a split performance on Monday, with roughly half of the companies tracked finishing in positive territory while the rest recorded modest losses.
Stardust Power led all gainers, surging 9% to post the strongest performance among Oklahoma-based energy firms.
Stocks that finished in the red generally recorded losses of 1% or less, reflecting limited downside pressure despite broader market volatility.