U.S. oil and gas shares rose premarket as oil prices gained about 1% after Iran’s security chief said Tehran would not allow enriched nuclear material to leave the country. Brent rose 1.77% to $93.11 a barrel and U.S. West Texas Intermediate gained 1.45% to $87.29.
Oil prices rose on Wednesday from the previous session’s two-month lows after Iran’s security chief said Tehran would not allow even a single particle of enriched nuclear material to leave the country. Brent futures gained $1.62, or 1.77%, to $93.11 a barrel, while U.S. West Texas Intermediate crude rose $1.25, or 1.45%, to $87.29 by 1305 GMT.
ExxonMobil rose 0.93% and Chevron gained 0.78%. CNX Resources advanced 2.36%, while SM Energy and Devon Energy rose more than 1%; PBF Energy gained about 4% and Marathon Petroleum rose 1.9%. Baker Hughes was up 3%, while SLB and Halliburton gained 2% and 2.8%, respectively.
An ING analyst said expectations of improving Middle Eastern supply availability and bearish U.S. inventory data had weighed on the market, while uncertainty around the U.S.-Iran conflict continued to provide some support.
