Oil prices fell despite renewed fighting with Iran

Even as U.S. warplanes pounded nearly 200 targets in its latest renewed attacks on Iran, crude oil prices responded with a decline on Thursday, just one day after they spiked 6%.

Analysts believe investors are looking past the attacks and instead are focused on President Trump’s comment that Tehran claimed it wanted to make a deal.

Brent futures fell 2.7% or nearly $2 to $75.88 a barrel.

West Texas Intermediate finished down 2.6% or nearly $2 a barrel and settled at $71.64 a barrel on the New York Mercantile Exchange.

In retaliation for attacks on three commercial oil tankers, the U.S. military over Tuesday and Wednesday launched strikes at approximately 170 targets in Iran, including air defense systems, missile and drone storage sites, and more than 60 Islamic Revolutionary Guard Corps small boats. Iranian armed forces responded by striking U.S. bases in the region, according to state media.

Natural gas prices also fell Thursday, settling at $3.011 MMBtu after a decline of $0.201 or 6.26%.

A majority of Oklahoma energy stocks suffered declines on Thursday including 5% drops for Mammoth Energy Services and Unit Corporation. On the plus side, Stardust Power gained nearly 7%.