As Iran faced more destruction, including the loss of a major Tehran bridge at the hands of Israeli jets, crude oil prices jumped nearly 11% higher in the U.S. and 8% worldwide. West Texas Intermediate closed higher than Brent.
It’s a sign that traders are increasingly worried about continued disruptions to oil supply, a day after President Trump said in a televised Wednesday night address the U.S. would not let up in its military attacks.
“We’re going to hit them extremely hard over the next two to three weeks,” Trump said. “We’re going to bring them back to the Stone Ages, where they belong.”
West Texas Intermediate oil in the U.S. shot up $11.42 or 11.41% to close Thursday at $111.54 per barrel. It was WTI’s biggest absolute price increase in six years.
Brent crude, the global benchmark finished up $7.78 or 7.78% at $109.03 a barrel.
The Strait of Hormuz remains shut down to most tanker traffic and definitely to U.S. ship.
Natural gas prices took a fall on Thursday, settling at $2.799 MMBtu with a decline of $0.018 or 0.64%.
All but four of the Oklahoma energy stocks we follow daily recorded gains at the end of Thursday’s trading day. USA Rare Earth recorded the largest percent jump at nearly 8%.