The action of the U.S. to issue new Iran-related sanctions combined with rising tensions in the Middle East sent crude oil prices up nearly 2% in Thursday’s trading.
Washington’s fourth round of sanctions on Iran’s oil sales since Donald Trump became President targeted for the first time a Chinese “teapot” or independent refinery as well as vessels supplying crude oil to the processing plants. The sanctions are part of President Trump’s efforts to stop Iran from obtaining a nuclear weapon.
As a result, the West Texas Intermediate May contract rose $1.16 or 1.73% to close at $68.07 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, gained $1.22 or 1.72% and finished at $72 a barrel.
Natural gas had a 6.40% jump on a 27-cent gain to $3.98 per MMBtu.
Oklahoma energy stocks were split in Thursday’s trading. Stardust Power Inc. jumped more than 9% while Empire Petroleum Corp. dropped more than 5%.