The markets reacted Friday to the growing tension and unrest on the U.S. efforts to reach a peace deal with Iran and crude oil prices surged with gains of 4% to 5%.
President Trump’s latest comments showed he is growing impatient with Iran. “I am not going to be much more patient,” Trump said in an interview aired on Thursday night on Fox News. “They should make a deal,” he added.
The biggest driver remained the shutdown of the Strait of Hormuz, a key shipping route for global crude exports.
The tighter oil inventories and inflation concerns also prompted West Texas Intermediate crude to advance 4.2%, or more than $4 a barrel, to settle at $105.41 on the New York Mercantile Exchange.
Brent crude, considered the global oil benchmark, finished up 3.3% of nearly $4 at $109.17 a barrel.
Natural gas prices also finished up on Friday, closing at $2.965 MMBtu with a gain of $0.071 or 2.45%.
Oklahoma energy stocks finished Friday’s trading with a split between those recording gains and those firms with losses for the day.
While Devon Energy Corp rose nearly 5%, Empire Petroleum Corp. finished down more than 6%.
Alliance Resource Partners LP
25.13