Crude oil prices on Friday shot up nearly 3% after President Trump increased his pressure on Iran through sanctions on vessels transporting its oil and a threat of a Naval block of oil imports to Cuba.
Energy prices reached their highest level for the week after the administration announced an “armada” was heading to the Middle East. It followed Iran’s killing of a reported 5,000 protesters.
The Cuban blockade consideration has not been finalized but Politico reported it might be staged as a way to drive leadership change in the Caribbean country.
West Texas Intermediate crude finished up 2.88% or $1.71 at $61.07 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, rose 2.84% or $1.82 and closed Friday at $65.88 a barrel.
Natural Gas recorded another gain on Friday but not as dramatic as at mid-week as the nation prepared for a large wintry blast. It gained $0.277 or 5.49% and finished at $5.322 MMBtu.
Friday was another split day for Oklahoma energy stocks. While several firms experienced moderate to low losses, Empire Petroleum recorded a gain of 6%.