Reports that the U.S. and Iran are edging to a limited and temporary peace agreement sent crude oil prices slipping on Thursday.
Reuters reported the draft framework would stop the fighting but still leave the most contentious issues unresolved.
Adding to the drop in crude was a report that Saudi Arabia and Kuwait had removed restrictions on the U.S. use of airspace and military bases. It’s a decision that could mean the U.S. would restart its Project Freedom next week to escort commercial ships through the Strait of Hormuz.
West Texas Intermediate crude finished down 27 cents or 0.28% and closed at $94.81 a barrel on the New York Mercantile Exchange.
Brent crude dropped $1.21 or 1.2% to finish at $100.06 a barrel.
Natural gas finished Thursday’s trading at $2.781 MMBtu with a gain of $0.051 or 1.87%.
Thursday produced more losses for Oklahoma energy stocks. The biggest percentage losses were 8% for USA Rare Earth Inc. and more than 7% for Helmerich and Payne.