Oil prices jump after US resumes attacks on Iran

 

Hopes for a peace deal to end the fighting in the Middle East took a big hit Wednesday after the U.S. launched “self defense” strikes against Iran over its shooting down of an American helicopter and War Secretary Hegseth promised a long night for military leaders. The renewed fighting resulted in crude oil prices climbing more than 2%.

President Trump vowed the U.S. would hit Iran “hard” for a second day and he also expressed impatience over Iran’s delay in signing a peace deal.

Brent crude futures expiring in August, the global oil benchmark, rose 2.1% to $93.33 a barrel, while U.S. West Texas Intermediate crude futures expiring in July added 2.4% to $90.27 a barrel.

Brent rose about $2 a barrel while WTI finished up more than $2.

’Secret’ Hormuz mission

Trump also told reporters that the U.S. had been helping ships cross the Strait of Hormuz without Iran’s knowledge, reported Investing.com.

“Did you know we’ve been taking out millions of barrels of oil? Nobody knows it. You know who doesn’t know about it? Iran — until right now. We took out, the other night, 22 ships. Late at night, with no lights,” he said.

The president later provided more details in a new social media post, saying he had directed the U.S. military last month to carry out the “secret mission.”

Natural gas prices also finished up for the day, rising $0.040 or 1.27% to $3.180 MMBtu.

Only a handful of Oklahoma energy stocks finished down on Wednesday while the majority closed the day with gains.

Gains were moderate with the highest percentage at more than 2.5% by Devon Energy Corp.