The present invention relates to viscoelastic fluids that contain nanotube structures that may be used advantageously as oilfield stimulation fluids in many different applications, most particularly as a fracturing fluid. Viscoelastic fluid compositions of the present invention include an aqueous medium, a viscoelastic surfactant, an organic or inorganic acids, or salt thereof, organic acid salts, inorganic salts, and a nanotube component. The invention is also called to a methods of treating a subterranean well bores in which the viscoelastic fluid is injected into the wellbore to perform operations such as fracturing, drilling, acid fracturing, gravel placement, removing scale, matrix acidizing, and removing mud cake. Further, a method of preparing a nanotube viscoelastic fluid comprising the steps of effectively mixing a carbon nanotube component into a viscoelastic fluid, and sonicating the mixture in order to incorporate the carbon nanotube component is claimed.