Geopolitics. They spurred a more than 4% jump Wednesday in crude oil prices.
They rose largely because of continued talks between the U.S. and Iran and no agreement how to stop the buildup of arms and sabre rattling by Iran. Plus, there was the lack of a breakthrough in the peace talks between Ukraine and Russia.
West Texas Intermediate crude gained $2.86 or 4.59% to close at $65.19 a barrel on the New York Mercantile Exchange.
Brent crude, the global standard, finished up $2.93 or 4.35% per barrel at $70.35.
Both recorded their highest settlements since January 30.
Natural gas prices dropped for another day, settling Wednesday at $3.030 MMBtu. It dropped $0.001 or 0.03%.
A majority of our Oklahoma energy stocks made gains into positive territory on Wednesday. Stardust Power led all with a more than 7% gain and Ovintiv Inc. recorded a strong 6% boost.