Oil prices surged by more than 2% on Tuesday as the prospect of disruptions to Iranian crude exports overshadowed possible increased supply from Venezuela. Brent futures jumped by $1.60, or 2.5%, to settle at $65.47. U.S. West Texas Intermediate crude settled at $61.15 a barrel, climbing $1.65, or about 2.8%.
Texas-based company was chosen as the highest and best bid to frack about 170 acres of Leesville Wildlife Area during Monday’s Ohio Oil and Gas Land Management Commission meeting. Grenadier Energy III’s bid was selected among three total bids. The commission is required to pick the “highest and best bid” per Ohio law.
Curious Minds Corner
How deep can oil and gas reservoirs be?
Some reservoirs are found more than 30,000 feet (9,000 meters) below the Earth’s surface, especially in ultra-deep offshore fields.