Crude oil slipped after Saudi Arabia offered more crude cargoes

Crude oil prices fell more than 3% on Wednesday following reports that Saudi Arabia was offering more crude cargoes through Oman, plus there was a smaller-than-expected draw in U.S. crude inventories.

At the same time, drone exports warned Iran was deliberately targeting U.S. naval drones in the Strait of Hormuz to gather intelligence on American surveillance capabilities and also learn how to evade U.S. defenses.

The warning came as tensions escalated in the Gulf region Sept. 14 after the U.S. military destroyed two Iranian small boats amid an attempted seizure by the Islamic Revolutionary Guard Corps (IRGC) of an American unmanned surface vessel (USV) patrolling the area, according to reports.

The two benchmarks began falling early Wednesday and by mid-afternoon’s closing, Brent crude futures were down $2.92, or 2.7%, at $105.83 a barrel.

U.S. West Texas Intermediate futures were down $3.32, or 3.1%, at $102.51.

Natural gas also closed down on Wednesday, finishing at $2.892 MMBtu with a drop of $0.027 or 0.92%.

Only three Oklahoma energy stocks finished in positive territory Wednesday. All others closed with losses. They were significant losses: 13% for Unit Corporation, 8% at Gulfport Energy, and 6% at Devon Energy, Expand Energy and Ovintiv Inc.

Alliance Resource Partners LP