Oil rose after U.S. attacked Iranian tankers

Crude oil prices made gains of at least 1% Wednesday as the U.S. and Iran traded attacks in the Middle East including U.S. attacks on two Iranian tankers.

The strike on the tankers was part of a new U.S. ‘tanker for tanker’ policy in the Strait as the U.S. attacked the Iranian tankers in retaliation rather than as part of its blockade. Iran claimed it attacked a U.S. Marine facility on the Gulf of Aqaba and Jordan’s armed forces confirmed its air defense systems “deal with” 13 ballistic missiles fired from Iranian territory.

U.S. Central Command (Centcom) reported that it had completed a wave of strikes against “air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites.” The strikes were in retaliation for the IRGC targeting commercial shipping in the Strait of Hormuz and U.S. service members in the region.

Brent crude finished up 1.19% or about 90 cents at $95.68 a barrel.

West Texas Intermediate crude rose 0.92% or about 68 cents at $91.05 a barrel on the New York Mercantile Exchange.

Both benchmarks are up about $5 a barrel since the resumption of hostilities between the two countries.

Natural gas prices continued their gain, settling up $0.083 or 2.86% at $2.987 MMBtu.

Most Oklahoma energy stocks recorded gains on Wednesday. Mammoth Energy gained 4% while on the downside, Stardust Power suffered a 28% loss for the day.

Alliance Resource Partners LP