Pause in attacks on Friday resulted in lower crude oil prices

While President Trump repeated his contention Friday the cease fire with Iran was over, oil prices recorded a slight decline. The President’s comments came after U.S. war planes resumed their attacks on Iranian targets after Iran attacked three ships in the Strait of Hormuz.

More attacks happened over the weekend. Tehran on Sunday claimed attacks on Bahrain, Kuwait, Jordan, Qatar and Oman, calling them its response to renewed US bombings on cities along its southern coast.

The widescale US strikes came after Iran shut the Strait of Hormuz — a critical waterway and one of the biggest flashpoints in the conflict — accusing Washington of violating a memorandum of understanding (MoU) signed between the two sides last month.

Brent crude expiring in September slipped 0.3% or about 25 cents to settle at $76.08 a barrel on Friday.

West Texas Intermediate, the U.S. benchmark, fell 0.7% or about 50 cents to close at $71.58 a barrel on the New York Mercantile Exchange.

“The Islamic Republic of Iran has asked us to continue ’talks.’ We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!” Trump said on his Truth Social service on Friday.

Oman’s foreign ministry, according to Reuters, said it spoke to Iran’s and “both sides affirmed the necessity of halting military escalation and working to formulate peaceful political solutions that take into account the interests of all parties, ensure freedom of navigation and the smooth flow of commercial shipping and the supply of energy through the Strait of Hormuz.”

Natural gas prices fell as well, settling at $2.941MMBtu with a decline of $0.071 or 2.36%.

Most Oklahoma energy stocks experienced losses on Friday including Empire Petroleum Corp with a 6% drop and an 8% decline for NGL Energy Partners.