Oil prices rose as the war in Iran escalated with the reported shoot-down of at least two U.S. warplanes, an F-15 and an A-10. US prices climbed higher than Brent and gained nearly $11 a barrel.
The April 3 closing in the holiday-shortened week saw West Texas Intermediate crude settle at $111.54, up $11.90 or 11.94% a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, finished at $109 with a gain of $7.78 a barrel or 7.78%.
Prices were driven by the rapid escalation of the war as President Donald Trump said the US military “hasn’t even started” to destroy what’s left of Iran. He threatened to strike electrical power plants and more bridges in his latest warning to the Tehran regime.
“Our Military, the greatest and most powerful (by far!) anywhere in the World, hasn’t even started destroying what’s left in Iran. Bridges next, then Electric Power Plants! New Regime leadership knows what has to be done, and has to be done, FAST!,” Trump wrote on Truth Social late on April 2.
Natural gas prices continued their slight decline, settling Thursday at $2.80 MMBtu with a decline of $0.019 or 0.67%.
Fuel prices in the US continued their climb, reaching a Saturday average of $4.10 per gallon, up a penny from Friday. Diesel fuel across the nation averaged $5.58 per gallon with a 5-cent hike.
The impact of rising oil prices saw Oklahoma’s average gasoline price climb a penny to $3.28 and diesel fuel up 6 cents to $4.57 per gallon.
Oklahoma City’s average gasoline price reached a penny higher on Saturday, hitting $3.27 per gallon while diesel fuel sold at $4.49, a 12 cent hike from Friday.
Tulsa’s average gasoline price fell a penny to $3.23 as diesel fuel went up a penny to a new average of $4.65 per gallon.
Oklahoma fuel prices are still the lowest in the region. The state’s average gasoline price of $3.28 is still less than the $3.82 average in Texas; $3.98 in New Mexico; $3.83 in Colorado; $3.35 in Kansas; $3.54 in Missouri and $3.59 in Arkansas.
Oklahoma energy stocks finished the short-trading week with gains for most firms.