Crude oil prices reached more than $70 a barrel after a 3% gain and settled at a five-month high because of increasing worries that global supplies would be disrupted if the U.S. attacks Iran, one of OPEC’s biggest crude producers.
Reuters reported U.S. President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran’s clerical rulers.
Brent futures rose $2.31, or 3.4%, to settle at $70.71 a barrel, while U.S. West Texas Intermediate gained $2.21, or 3.5%, to settle at $65.42.
Brent finished at its highest since July 31 while WTI closed at its highest since September 26.
Natural gas prices finished at $3.895 MMBtu following a $0.163 gain or 4.37%.
Thursday was a positive day for most Oklahoma energy stocks as only a few firms recorded losses for the day. While most of the gains were moderate, Mammoth Energy Services rose nearly 10%.