An extension of a ceasefire between the U.S. and Iran will still need the approval of President Trump, but the deal left crude oil prices in a mixed bag on Thursday with U.S. oil futures up slightly by global prices just under $94 a barrel.
Brent crude, the global standard, finished down 58 cents or 0.6% at $93.71 a barrel. The more actively traded August Brent futures were last trading up by 72 cents at $92.97 a barrel.
West Texas Intermediate crude, the U.S. benchmark, gained 22 cents or 0.3% and finished the day at $88.90 a barrel on the New York Mercantile Exchange.
Ever since talks offered more promises of optimism toward a possible peace deal, oil prices have fallen after trading for weeks at more than $100 a barrel. But the latest reported agreement is to extend the ceasefire in the Middle East for 60 days.
The possible extension came after U.S. forces made more “defensive” attacks Wednesday following Iran’s launching of a missile on the United Arab Emirates. It was destroyed by US forces before it reached American air bases in the country. In early trading, Brent and WTI futures were up more than 2%, after Iran’s Revolutionary Guards said they had targeted a U.S. air base in response to a U.S. attack on the port city of Bandar Abbas.
As oil prices see sawed in Thursday’s trading, natural gas prices managed a more than 6% gain. Prices finished at $3.282 MMBtu with an increase of $0.187 or 6.01%.
It was a day of ups and downs for Oklahoma energy stocks. Empire Petroleum had the biggest gain of the day at nearly 13%. ONE Gas recorded the largest loss at about 3%.
