Oil prices fluctuate as attacks expand on Iran

Crude oil prices rose to more than $90 a barrel Monday morning as the fighting expanded between the U.S. and Iran over efforts to stop the country from producing a nuclear weapon and its control of the Strait of Hormuz.

The jump was seen as an escalation of the attacks carried out by the two countries but prices fell back as the session continued.

By Monday afternoon, the U.S. military had concluded its latest wave of strikes on targets in Iran, marking the ninth consecutive night of attacks. US Central Command reported the operation targeted military command centers, air defense and coastal surveillance facilities, missile and drone launch sites and communications networks.

According to the country’s Tasnim news agency, explosions were reported in the northern city of Tabriz, the port city of Chabahar on the Gulf of Oman, Konarak in the south-eastern province of Sistan-Baluchistan, the port city of Mahshahr in Khuzestan province and the Gulf port of Bandar Imam Khomeini.

Despite the jump to $90 a barrel earlier in the day, by closing Monday afternoon, Brent crude finished at $88.98 per barrel with a gain of 88 cents or 1% for the day.

West Texas Intermediate in the U.S. finished at $82.49 with a 71 cent gain or 0.87% on the New York Mercantile Exchange.

Natural gas prices fell nearly 2% in Monday’s trading. They closed at $2.853 MMBtu after a decline of $0.058 or 1.99%.

Only a few Oklahoma energy stocks finished the day’s trading in the positive column while the majority closed with losses. Mammoth Energy Services led all with a nearly 4% decline for the day.

Alliance Resource Partners LP