Energy Shares Rise as Mideast Fighting Continues

Dow Jones04:32

Shares of companies in the energy sector climbed as oil prices rose for a third straight session as the U.S. and Iran continue strikes. "The market remains supported by elevated geopolitical risk, but any meaningful diplomatic breakthrough could quickly remove part of the current risk premium," analysts at Kotak Neo said in a note.

Halliburton logged higher earnings and revenue in the second quarter thanks to gains in both its North American and overseas markets. The Houston oil-services company posted a profit of $534 million, or 64 cents a share, compared with $472 million, or 55 cents a share, in the same quarter a year earlier.

Norwegian oil and gas producer Var Energi agreed to buy Oslo-listed peer BlueNord in a cash and stock deal valued at around $1.3 billion.

Norges Bank Investment Management, the arm of Norway's central bank that manages the country's $2.3 trillion sovereign-wealth fund, urged the boards of Prologis and Segro to enter talks over a possible merger.

Abu Dhabi National Oil Company said it would proceed with the $6.2 billion development of an offshore gas project in the United Arab Emirates, increasing its bet that long-term gas demand will remain strong despite conflict in the Middle East highlighting supply vulnerabilities.

 

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

(END) Dow Jones Newswires

July 21, 2026 16:32 ET (20:32 GMT)

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