$100 oil returns on increased fighting between U.S. and Iran

Crude oil prices pushed above $100 a barrel on Wednesday as the U.S. and Iranian exchange of attacks escalated resulting in the U.S. destruction of five more Iranian crude tankers.

The sinkings brought a response of Iranian missile and drone attacks on U.S. forces in Jordan. The U.S. attacked the tankers after the IRGC targeted two U.S. warships. Four of the carriers, M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco, were destroyed in the Gulf of Oman. One of the carriers, M/T Derya, was struck near Kharg Island.

Brent crude futures expiring in November advanced 3.2% or about $3.54 to $101.06 a barrel, topping the $100 mark for the first time since May 26.

U.S. West Texas Intermediate crude futures expiring in October were up more than $3.40 or 3.1% to $95.88 a barrel on the New York Mercantile Exchange.

Both contracts had gained more than 5% for the week. There appears to be no immediate end in sight of the attacks and it now appears, according to regional officials and experts, that Iran is now using the Iraqi militias and the Houthis to threaten Saudi Arabia and other American allies in the Gulf in order to drive up the costs of the war launched by the U.S. and Israel in February.

Natural gas prices went the opposite of oil, falling nearly 4% for the day, settling at $2.805 with a decline of $0.111 or 3.81%.

Wednesday brought a round of losses for most Oklahoma energy stocks including a nearly 13% drop for Empire Petroleum Corp, and a 6% decline for Stardust Power.