Iran Halts Talks with US, Boosting Oil and Gas Stocks

Deep News06-01 22:10

Reports from Iran's Tasnim News Agency state that Tehran has suspended indirect communications with the United States following attacks in Lebanon, sparking market concerns over potential supply risks. This development has led to a rise in the share prices of US oil and gas companies.

Iran and its "Axis of Resistance" allies, including groups in Yemen, Lebanon, and Iraqi Shia militias, have reportedly formulated plans to comprehensively blockade the Strait of Hormuz and activate other fronts, such as the Bab el-Mandeb Strait, to "punish" Israel and its supporters.

Brent crude futures increased by 6.1% to $96.66 per barrel, while West Texas Intermediate (WTI) crude futures rose by 7.07% to $94.54 per barrel.

The S&P 500 Energy Index advanced by 1.6%.

Chevron Corp and Exxon Mobil Corp saw their shares rise by 1.6% and 2.5%, respectively.

Shares of SM Energy Co, Devon Energy Corp, Occidental Petroleum Corp, Valero Energy Corp, and Marathon Petroleum Corp gained between 2.5% and 5.1%.

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