BUZZ-US energy companies rise on fears of US-Iran ceasefire collapse
Marathon Petroleum Corporation MPC | 0.00 | |
Occidental Petroleum Corporation OXY | 0.00 | |
Phillips 66 PSX | 0.00 | |
Chevron Corporation CVX | 0.00 | |
Diamondback Energy, Inc. FANG | 0.00 |
** Shares of U.S. energy companies rise premarket, tracking crude prices O/R
** Brent crude futures LCOc1 up 5.1% at $94.99/barrel; U.S. West Texas Intermediate CLc1 rises 5.9% to $88.80/barrel
** Crude prices rise on fears that ceasefire between U.S. and Iran could collapse, after U.S. seized Iranian cargo ship and traffic through Strait of Hormuz remained largely halted
** "Oil markets are likely to remain highly sensitive to geopolitical developments in the Middle East. Elevated tensions could continue to drive prices higher, while any credible de-escalation or restoration of stable shipping conditions could trigger another sharp sell-off " says Abdelaziz Albogdady, market research and fintech strategy manager at FXEM
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N both up 1.5%
** Oil and gas producers: Occidental Petroleum OXY.N up 2.1%, Devon Energy DVN.N rises ~2%, Diamondback Energy FANG.O and ConocoPhillips COP.N each gain 2.3%
** Oilfield services companies Baker Hughes BKR.O and SLB SLB.N both up ~1%
** Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N advances 2.8% and 2.2%, respectively