After oil prices fell earlier in the week with news of a two-week ceasefire in the war against Iran, they rose at the end of Thursday’s trading gaining nearly 5% at one point in the U.S.
West Texas Intermediate eventually finished up 3.66% or $3.46 at $97.89 a barrel on the New York Mercantile Exchange. It peaked at $102.70 a barrel earlier in the day.
Brent, the global standard, rose to $99.50 earlier in the day, then settled at $95.92 with a gain of $1.17 or 1.23%.
What brought prices back down?
Israeli Prime Minister Benjamin Netanyahu said he wanted to being peace talks with Lebanon where a day earlier an Israeli bombardment killed more than 300 people. His attempt at peace raised investor optimism about prospectors for peace throughout the Middle East.
The Strait of Hormuz still has not been opened as Iran maintains control of the oil tankers trying to pass through the region. Nearly 200 such tankers remain blocked.
Natural gas prices went the other direction, falling $0.049 or 1.80% to close at $2.675 MMBtu.
Thursday ended with most Oklahoma energy stocks falling into negative territory. LSB Industries led all with a nearly 9% drop for the day.