Shares of companies in the energy sector climbed as the threat to global oil supplies rises, particularly around vital chokepoints like the Strait of Hormuz. Shares of ExxonMobil, Chevron and ConocoPhillips all gained over 1%.
Oil prices rose to a six-week high after the U.S. struck Iran for the 11th night in a row and President Trump warned that the U.S. will bomb Iran's bridges and power plants if Tehran shoots at ships in the Strait of Hormuz.
U.S. commercial crude oil inventories rose unexpectedly last week as imports increased and exports fell, according to data released Wednesday by the U.S. Energy Information Administration.
Equinor hiked its quarterly share buyback as production growth enabled the company to capture higher oil and gas prices triggered by the conflict in the Middle East. The Norwegian energy major on Wednesday said second-quarter adjusted operating income-its preferred measure-jumped over 75% to $11.48 billion from the same period a year prior.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
(END) Dow Jones Newswires
July 22, 2026 17:47 ET (21:47 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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