Oil prices hit 3-week high after Iran doubles down

Crude oil prices on Tuesday reached their highest level in more than three weeks after Iran stated it would adopt a more offensive stance and the Strait of Hormuz would remain closed while the U.S. ruled out extending a ceasefire.

Iran doubled down on its claimed control of the strategic waterway while a ship was hit by an unidentified projectile while transiting the Strait early Tuesday. One crew member was injured, and Iran boasted the strait will stay closed until the naval blockade and sanctions by the U.S. are lifted.

As far as peace talks were concerned, President Donald Trump on Tuesday said there were no conversations taking place with Iran, and none were scheduled, adding that the Strait of Hormuz was open.

Brent crude managed a 15 cent or 0.17% gain to close at $91.02 a barrel.

West Texas Intermediate, set at Oklahoma’s Cushing Hub pipeline center, finished up 44 cents or 0.52% at $84.94 a barrel on the New York Mercantile Exchange.

Natural gas prices also went up in Tuesday’s trading, closing at $2.784 MMBtu with a gain of $0.094 or 3.49%.

Most Oklahoma energy stocks experienced some setbacks in Tuesday’s trading. Mammoth Energy Services fell 7% and NGL Energy Partners dropped 6%. On the plus side, Empire Petroleum gained more than 4%.

Alliance Resource Partners LP