Sector Update: Energy

MT Newswires Live04-03

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.

The Philadelphia Oil Service Sector Index was adding 0.4%, and the Dow Jones US Utilities Index advanced 0.6%.

In sector news, Bloomberg reported Iran is drafting a protocol with Oman to oversee traffic through the Strait of Hormuz, citing a report from the state-run IRNA, which in turn cited Iran Deputy Foreign Minister Kazem Gharibabadi. Earlier on Thursday, representatives from more than 35 countries and international organizations met to discuss the continued closure of the Strait of Hormuz, the Bloomberg report said.

President Donald Trump overnight vowed to hit Iran "extremely hard" before ending the war "very shortly."

Separately, Dated Brent, the price of oil shipments bought and sold in the North Sea, hit $141.37 a barrel, the highest since 2008, Bloomberg reported Thursday, citing S&P Global data.

Front-month West Texas Intermediate crude oil jumped past 10% to $110.31 a barrel, and the global benchmark Brent crude contract climbed 6.3% to $107.50 a barrel. Henry Hub natural gas futures shed 0.6% to $2.80 per 1 million BTU.

In corporate news, BP (BP) said Thursday that it named Carol Howle as deputy chief executive. The company said Howle will be in charge of BP's ongoing portfolio review and strategy development beyond 2027 targets. Howle will also remain as lead of the company's supply, trading, and shipping division, BP added. BP shares were up 1.6%.

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