Energy index hits record high as oil rally lifts sector
XLE•The S&P 500 energy index hit a record high and rose 1.4% as Brent climbed 2.2% to $117.41 a barrel and U.S. WTI rose 2.04% to $104.80. Supply concerns grew over a possible escalation in the U.S.-Iran conflict and a tanker attack in the Strait of Hormuz.
1. Oil lifts energy shares
The S&P 500 energy index reached a record high, tracking higher crude prices, and was last up 1.4%. Brent crude futures rose 2.2% to $117.41 a barrel, while U.S. West Texas Intermediate crude futures climbed 2.04% to $104.80, with both on course for monthly gains of more than 13%. Prices rose as fears of an escalation in the U.S.-Iran conflict and a tanker attack in the Strait of Hormuz heightened supply concerns.
2. Energy stocks advance
Phillips 66, Valero Energy, Marathon Petroleum and Diamondback Energy gained between 2.2% and 2.7%. ExxonMobil rose 1.4% and Chevron gained 1.9%; both separately beat third-quarter profit estimates as higher refining margins boosted earnings from their fuel-making businesses.
