Energy Shares Gain as Israel Strikes Back at Iran -- Energy Roundup

Dow Jones04-20

Energy shares got a lift from a slight rise in oil prices as Israel retaliated overnight against Iran's massive drone and missile attack in what appeared to be a limited strike aimed at avoiding an escalatory cycle.

The Energy Select Sector SPDR Fund rose 1.2%.

Market leader Exxon Mobil ended the session with a higher market capitalization than electric vehicle maker Tesla for the first time since Jan. 25, 2023.

Crude oil prices declined for the week on hopes that tensions in the Middle East would moderate more.

U.S. companies stepped up drilling for oil in the past week, while reducing the number of rigs aimed at natural gas deposits, according to oil services company Baker Hughes. Rigs drilling for oil increased, while rigs directed at natural gas fell. While natural gas prices have been at multiyear lows, prompting major producers to cut back on capex and drilling, oil prices are trading near six-month highs.

Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

April 19, 2024 17:43 ET (21:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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