Crude prices retreat after geopolitical pressure eases
Crude oil prices fell about 2% on Thursday after President Donald Trump appeared to soften earlier comments about acquiring Greenland and taking potential military action against Iran following its violent crackdown on anti-government protesters.
Markets had been reacting earlier this week to heightened geopolitical risk tied to Iran and broader Middle East tensions. However, traders reassessed those risks after Trump eased back on some of his strongest language, reducing fears of near-term supply disruptions.
WTI and Brent settle lower
West Texas Intermediate (WTI) crude, the U.S. benchmark, dropped 89 cents to close at $59.73 per barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, fell 92 cents, settling at $64.32 per barrel.
Analysts noted that while geopolitical risk remains elevated, markets have become increasingly sensitive to shifts in rhetoric that suggest de-escalation rather than direct confrontation.
Natural gas cools after explosive rally
Natural gas prices also moved lower Thursday after an extraordinary two-day surge earlier in the week tied to a major winter storm threatening Oklahoma, Texas, and much of the central United States.
After jumping 25% on Tuesday and 28% on Wednesday, natural gas futures slipped nearly 1%, falling $0.046 to settle at $4.829 per MMBtu.
Despite the pullback, prices remain sharply higher for the week as extreme cold continues to drive demand concerns across key producing and consuming regions.
Oklahoma energy stocks mixed
Oklahoma energy stocks finished Thursday’s trading session mixed, with gains and losses roughly split across the sector.
Stardust Power led all gainers, surging 13%, marking the strongest performance among Oklahoma-based energy firms tracked for the day.