Oil Prices Rise as U.S.–Iran Talks Resume, Gas Gains 5%
Crude oil prices managed a nearly 2% gain on Wednesday after investors learned nuclear talks between the United States and Iran were resuming, despite an earlier false report that suggested negotiations had collapsed.
The initial report sent prices sharply higher. West Texas Intermediate crude surged $2.12 to more than $65.30 a barrel, while Brent crude jumped $2.28 to reach $69.60 a barrel. Prices later retreated after the report was corrected and confirmed that talks were continuing.
U.S. Inventories Decline After Winter Disruptions
Adding support to oil prices was an unexpected and significant decline in U.S. crude oil inventories. The drop followed last week’s extreme cold weather, which disrupted oil production across several regions.
The inventory decline surprised analysts and contributed to the day’s price gains even after geopolitical concerns cooled.
Crude Oil Settles Higher
West Texas Intermediate crude finished Wednesday’s session up 1.7%, settling at $64.27 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, rose 1.9% to close at $68.61 a barrel.
Natural Gas Posts Strong Gains
Natural gas prices climbed more than 5% during Wednesday’s trading session. Futures rose $0.167, or 5.04%, to settle at $3.478 per MMBtu.
Oklahoma Energy Stocks Mostly Higher
Wednesday marked another positive trading day for Oklahoma energy stocks, with most companies posting gains.
Four firms recorded increases ranging from 4% to 5%, including Coterra Energy, which climbed more than 5%, and Devon Energy, which rose nearly 6%.
On the downside, Matrix Services finished the day lower, falling nearly 6%.
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