Oil prices rose on Thursday reaching $99 a barrel on the world market as skepticism took hold of investors over the renewed peace talks between the U.S. and Iran even as the impact of the naval blockade is evident in Iran.
Oilprice.com reported Iran had suspended all petrochemical exports in the U.S. Naval blockade of the Strait of Hormuz. The move was seen as an attempt by the Islamic Republican to ensure domestic supply and prevent a supply crunch on the country for domestic industries and raw materials.
It had earlier been estimated that Iran had about a one-month supply of oil in storage tanks because the naval blockade prevented its departure of oil tankers to points around the world.
West Texas Intermediate crude gained $3.40 or 3.7% before closing at $94.69 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, rose $4.46 or 4.7% before reaching $99.39 a barrel.
Natural gas settling at $2.664 MMBtu following a slight increase of $0.054 or 2.07%.
Thursday proved to be a positive day for most Oklahoma energy stocks as they finished with gains. A more than 6% boost was recorded by LSB Industries. A few firms suffered losses such as Empire Petroleum with nearly a 4% drop.