A move by the U.S. to warn U.S. flagged ships to stay as far as possible from Iranian territory in the Strait of Hormuz and Gulf of Oman sent crude oil prices higher more than 1% on Monday.
The advisory came from the U.S. Transportation Department’s Maritime Administration in which it informed vessels going through the two seas that they face a risk of being boarded by Iranian forces. They were told to stay close to Oman while eastbound in the Strait of Hormuz.
West Texas Intermediate crude finished up 81 cents or 1.3% to close at $64.36 a barrel on the New York Mercantile Exchange.
Brent crude rose 99 cents or 1.% and closed at $69.04 a barrel.
Natural gas prices fell in Monday’s trading. Prices settled at $3.134 MMBtu after a decline of $0.288 or 8.42%.
Most Oklahoma energy stocks finished the day with gains including a 5% plus for Mammoth Energy Services.
On the down side, Expand Energy dropped more than 6% on the day it announced a relocation of headquarters to Houston. But the loss was topped by Empire Petroleum with a decline of more than 10%.