New round of attacks sent crude oil climbing

Iran was hit by yet another round of U.S. air attacks on Tuesday, in response to Iran’s stubborn continuation of attacks on tankers trying to pass through the Strait of Hormuz. It came as crude oil prices rose nearly 2% in response to the growing rounds of military responses and after the U.S. reimposed its naval blockade on Iran.

At the same time, President Trump stepped back from a proposal to charge a 20% fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.

Brent futures finished up $1.43 or 1.7% and settled at $84.73 per barrel.

West Texas Intermediate crude rose closer to the $80 mark, settling up $1.20 or 1.5% at $79.34 a barrel on the New York Mercantile Exchange.

It was the second straight session where Brent closed at its highest since June 12 and WTI closed at its highest mark since June 15.

Natural gas prices also made gains on Tuesday, finishing up $0.026 or 0.90% at $2.923 MMBtu.

Tuesday was a split day for Oklahoma energy stocks when it came to gains and losses. Mammoth Energy Services finished down 5% while USA Rare Earth fell nearly 6%.

Alliance Resource Partners LP