Attacks increase in war on Iran and so do oil prices

The escalating fighting in the war on Iran on Monday sent crude oil prices climbing again with prices in the U.S. reaching more than $104 a barrel.

The price gains came as President Trump, while threatening to seize Kharg Island where Iran’s refineries are located, still said the peace talks were doing “extremely well” and that he is “pretty sure” a peace deal will be reached “soon.”

Europe’s Brent crude oil futures rose nearly $1.22 or 1.1% to close at $113.83 a barrel. At one point, Brent reached $115 a barrel.

West Texas Intermediate, the U.S. benchmark gained more than $4.50 a barrel or 4.6% to finish at $104.2 a barrel on the New York Mercantile Exchange.

The price gains came after President Trump made it clear he wants to “take the oil in Iran,” but also added the talks were being held directly and indirectly with “reasonable” leaders and asserted that Tehran was partially opening the crucial Strait of Hormuz, the waterway through which some 20 percent of the world’s oil and natural gas supplies pass.

Natural gas prices fell on Monday, finishing at $2.880 MMBtu following a decline of $0.145 or 4.79%.

Monday was a down day for the majority of Oklahoma energy stocks. Only a handful managed gains for the day. Mammoth Energy dropped 8% while Stardust Power fell 9% and USA Rare Earth slumped nearly 9%.