Red Sea violence sent crude prices up in Thursday’s trading

The Red Sea attacks by the Iran-aligned Houthis continue to weigh heavily on investors and sent crude oil futures higher in Thursday’s trading. However, the gains were also affected by a large build in U.S. crude inventories, seen even in Oklahoma.

West Texas Intermediate crude for April delivery gained 70 cents to $78.61 a barrel on the New York Mercantile Exchange.

Brent crude, the global benchmark saw its April futures go up 64 cents and close at $83.67 a barrel on ICE Futures Europe.

March natural gas fell 4 cents to $1.73 per 1,000 cubic feet.

A handful of Oklahoma energy firms recorded gains in Thursday’s trading such as Empire Petroleum with a 5% increase and Mammoth Energy with a strong 2% jump. But most local energy stocks recorded losses for the day ranging from 1% to 2%.