Crude oil prices finished down nearly 3% on Thursday and it came after the U.S. and Iran reached an agreement to hold talks Friday in Oman, a move that eased growing global worries about crude oil supplies from Iran.
The discussions come as the U.S. builds up forces in the Middle East, and regional players seek to avoid a military confrontation that many fear could escalate into a wider war, reported Reuters.
About a fifth of the world’s total oil consumption passes through the Strait of Hormuz between Oman and Iran. Other OPEC members, Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, export most of their crude via the strait, as does Iran.
Bent crude closed the day down $1.91 or 2.75% at $65.55 per barrel.
West Texas Intermediate crude in the U.S. dropped $1.85 or 2.84% and closed at $63.29 per barrel on the New York Mercantile Exchange.
Natural gas recorded a modest gain on Thursday before settling at $3.491 MMBtu. It rose $0.026 or 0.75%.
Thursday saw a tough day for Oklahoma energy stocks as most ended the day with losses. Matrix Services led all with a nearly 17% loss for the day followed by a 9% drop for Stardust Power, not to mention Helmerich & Payne down and LSB Industries each down 5%.