BUZZ-Energy companies rise on renewed US-Iran hostilities, threat of Red Sea closure
XLE•Energy shares rise as oil prices climb
U.S.-listed shares of energy companies rose premarket, tracking the incline in oil prices.
Brent crude futures gained 2.1% to $86/barrel, while U.S. West Texas Intermediate futures rose 2.4% to $80.86/barrel.
Hostilities and shipping risks support crude
Prices rose after the U.S. and Iran stepped up attacks across the Gulf, with shipping threatened by a potential Red Sea closure on top of the restricted traffic through the Strait of Hormuz.
Majors, producers, services and refiners advance
Oil majors Exxon Mobil and Chevron were up 2% and 1.4%, respectively.
Oil and gas producers Occidental Petroleum and ConocoPhillips gained 1.5% and 2%, respectively.
Oilfield services firms SLB and Halliburton both inched up marginally, while Baker Hughes advanced about 1%.
Refiners Phillips 66 rose about 2% and Marathon Petroleum gained 1.6%.
