Buzz-US energy companies gain on rising oil prices as US-Iran hostilities threaten supply routes
XLE•Energy shares rise as oil prices jump
U.S.-listed shares of energy companies gained in premarket trading, tracking a rise in oil prices.
- Brent crude futures were up about 5% at $98.69 a barrel, while U.S. West Texas Intermediate rose 4% to $90.3 a barrel.
- Prices hit their highest in more than a month as escalating hostilities between the U.S. and Iran stoked fears of supply disruptions across oil transit routes.
- Energy majors Exxon and Chevron were up 1.3% and 1.2%, respectively.
- Oil and gas producers including Occidental Petroleum, ConocoPhillips and APA Corp rose 1.4%, about 1% and 1.8%, respectively.
- Oilfield services companies Baker Hughes and SLB were each up marginally, while Halliburton rose 1.2%.
- Refiners Marathon Petroleum and Phillips 66 were up 1.3% and 1.1%, respectively.
