Market Overview
Energy stocks rose on Wednesday as oil prices jumped following renewed military activity in the Middle East and a reported decline in U.S. crude inventories.
Oil Price Movement
Brent crude futures increased 7.4% to $90.32 per barrel, while U.S. West Texas Intermediate (WTI) rose 6.8% to $84.65 per barrel.
Equity Performance
The S&P 500 energy index gained 2.5% during the session. Among the top gainers on the energy index were Diamondback Energy (NASDAQ:FANG), Expand Energy (NYSE:EXE), EOG Resources (NYSE:EOG) and APA Corp (NASDAQ:APA), each advancing between 3.9% and 4.4%. Exxon (NYSE:XOM) and Chevron (NYSE:CVX) rose 3.1% and 2.6% respectively. In the oilfield‑services segment Halliburton (NYSE:HAL) edged up marginally, while Baker Hughes (NASDAQ:BKR) climbed 2.8%. Refiners Phillips 66 (NYSE:PSX) and Valero Energy (NYSE:VLO) each posted gains of about 1.7%, and Marathon Petroleum (NYSE:MPC) advanced 1.1%.
Drivers
The price rally was attributed to renewed airstrikes in the Middle East, which lowered expectations of a swift resolution to the U.S.–Israeli conflict with Iran, and to data indicating a decline in U.S. crude inventories.
Disclaimer
The article was generated with AI assistance and reviewed by an editor; see terms and conditions for more information.