Renewed fighting between the U.S. and Iran on Friday sent crude oil prices jumping upward 3% before easing their climb.
U.S. and Iranian forces clashed in the Gulf, and the UAE came under renewed attack as Washington awaited a response from Tehran to its proposal to end the conflict, which began with joint U.S.-Israeli airstrikes across Iran on February 28.
West Texas Intermediate crude gained 61 cents or 0.64% to close at $95.42 a barrel on the New York Mercantile Exchange.
Brent crude rose $1.23 or 1.23% and finished at $101.29 a barrel.
After the Iranian attacks on U.S. Naval forces on Thursday in the Strait of Hormuz followed by a U.S. response of the bombing of three Iranian ports, President Trump on Friday renewed his ultimatum demanding Iran give up its nuclear ambitions.
Other reports showed Iranian commandos seized a Barbados-flagged tanker after direct U.S.-Iran military clashes on the coast of Iran. It came after Iran launches missiles and drones on three U.S. warships.
Natural gas prices experienced a slight drop of $0.016 or 0.58% and closed at $2.753 MMBtu.
Friday turned out to be pretty much a split day for Oklahoma energy stocks. While Mach Natural Resources rose more than 4%, SandRidge Energy fell about the same percentage.