Crude oil prices bounced back up again Thursday after oil tankers and oil storage tanks were hit by Iranian drones and missiles in the Strait of Hormuz and in neighboring countries.
After huge fires lit up the sky Wednesday night in Oman, targets of Iran’s drones, prices rose again, with West Texas Intermediate crude in the U.S. settling at $96.36 a barrel with a gain of $9.10 or 10.46%.
Brent crude gained $9.38 or 10.20% and finished the day at $101.40 a barrel.
More focus has been made in getting stalled crude oil tankers out of the region and through the dangerous Strait where three tanks were hit on Wednesday. U.S. Treasury Secretary Scott Bessent addressed the issue on Thursday and said that an international coalition could protect ships in the Strait of Hormuz amid the ongoing conflict between the U.S., Israel and Iran.
Bessent told Sky News that escorting tankers through the strait was always part of the plan for the U.S. Navy or an international coalition.
The crisis has hit European airlines hard, pushing the jet-diesel regrade to an unprecedented +$48/bbl. With roughly 30% of Europe’s jet fuel imports normally coming from the Gulf, blocked tanker traffic has turned aviation fuel into the tightest refined product.
Gasoline prices reached a U.S. average on Thursday of $3.59 per gallon, according to AAA which said it was a 2-cent gain from Wednesday. Diesel fuel rose 3 cents to reach $4.86.
The gasoline average in Oklahoma rose 2 cents to reach $3.05 per gallon while diesel fuel gained 3 cents at $4.86 a gallon.
The price in Oklahoma City was unchanged from Wednesday at $3.04 and diesel fuel remained at $4.03.
Tulsa’s average gasoline price went up 7 cents since Wednesday to reach an average of $3.20. Diesel fuel rose 3 cents to hit $4.32 per gallon.
Natural gas prices had a small gain in Thursday’s trading, settling at $3.237 with a gain of $0.028 or 0.87%.
When it came to Oklahoma energy stocks, they were nearly split between those with gains and firms with losses. LSB Industries recorded another strong day with a 14% gain while USA Rare Earths dropped more than 6%.