Oil recorded 6% jump after U.S. renewed attacks on Iran

Crude oil prices spiked higher on Wednesday after U.S. warplanes responded to this week’s attacks by Iran on three ships in the Strait of Hormuz and President Trump not only said the ceasefire was “over” but talked of seizing Iran’s oil storage site of Kharg Island.

More than 60 boats used by the Islamic Revolutionary Guard Corps (IRGC) were hit, according to US Central Command. Trump said the US had “knocked out 28 boats last night,” would probably hit more later, and confirmed Kharg Island was attacked before repeating a threat he has made throughout the war: that the US could seize Kharg Island, which handles about 90 percent of Iran’s oil exports, according to Al Jazeera news.

Brent crude expiring in September rose 5.9% with a nearly $4 gain to close at $78.55 a barrel.

West Texas Intermediate crude shot up 5.1%or more than $3 a barrel before finishing at $74.05 on the New York Mercantile Exchange.

Natural gas prices went the other way with a drop of $0.038 or 1.16% to $3.227 MMBtu.

Most Oklahoma energy stocks took advantage of the growing tension in the Middle East and recorded gains in Wednesday’s trading.

Two firms, Empire Petroleum and Stardust Power registered 5% gains. Helmerich & Payne along with USA Rare Earth followed with 4% increases for the day.