Report of expanded U.S. intentions against Iran sent oil prices jumping

Reports that the U.S. is sending more troops to the Middle East and President Trump plans to resume bombing Iran in November sent crude oil prices spiking nearly 5% on Thursday.

Brent crude futures expiring in December climbed 4.6% to $102.58 a barrel.

U.S. West Texas Intermediate crude futures expiring November advanced 3.1% to $93.18 a barrel on the New York Mercantile Exchange.

The front-month Brent contract, which expired on Wednesday, settled at $103.50 in the previous session. Brent gained about 14% in September, its biggest monthly increase since July, while WTI rose about 5%.

The Wall Street Journal reported the U.S. was sending a third aircraft-carrier strike group and more Marine Corps ships to the Middle East and cited U.S. officials who said another 10,000 troops would be in the region by the end of November. The President reportedly told aides he expects to resume strikes on Iran that same month.

Natural gas prices fell nearly 2.5% for the day, settling at $2.951 MMBtu with a fall of $0.075 or 2.48%.

The majority of Oklahoma energy stocks finished Thursday’s trading with gains. Empire Petroleum jumped more than 7% and Matrix Service scored a 9% boost. On the downside, Stardust Power, one of the few to finish with a loss, dropped more than 10%.