Oil prices hit $112 a barrel Monday morning before declining later in the day after President Trump postponed a planned military attack this week on Iran at the request of some Middle Eastern countries as “serious negotiations” were reportedly “now taking place.”
Earlier in the day with no signs of a breakthrough on the impasse between the U.S. and Iran, prices bounced upward. The Strait of Hormuz remains closed after some fresh drone incidents in the Gulf.
Brent crude, the global benchmark, finished down 0.2% or about half a dollar at $109.09 a barrel.
West Texas Intermediate, the U.S. standard, closed up about half a dollar or 0.9% at $101.90 a barrel on the New York Mercantile Exchange.
Natural gas prices finished up for the day at $3.028 MMBtu following a gain of $0.068 or 2.30%.
Worldwide oil supplies are being depleted faster than expected and industry leaders fear it could lead to a full-blown global fuel and refining crisis if the Strait of Hormuz does not reopen soon. The IEA now expects global oil supply to fall sharply in 2026 as global oil markets are tightening.
Most Oklahoma energy stocks ended Monday’s trading with gains including Empire Petroleum Corp. with a more than 8% increase while Helmerich & Payne rose 6%.
On the down side, USA Rare Earth dropped 13%.