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Energy Up as Middle East Conflict Drives Up Oil, Natural Gas Prices - Energy Roundup

Provided by Dow Jones

Shares of energy companies rose as a widening conflict in the Middle East boosted oil futures.

Hostilities spread through the Middle East, as Israel launched strikes against Hezbollah in Lebanon in response to rocket attacks from the Iran-backed group. Hezbollah was retaliating against Israel for the killing of Iranian Supreme Leader Ayatollah Ali Khamenei.

Shares of Chevron and other exploration and production companies tested record highs as traders bet U.S. oil production would increase in volume and profitability in response to the near-closure of the Strait of Hormuz, a key channel for global energy business.

Oil futures rose 6.3% to $71.23 a barrel.

One strategist said the rally in oil futures may not be sustained. "These thing are very fluid," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Natural gas futures in Europe rose as much as 59% after QatarEnergy halted liquefied natural gas production following an Iranian drone attack on its facility at Ras Laffan. 




  Write to Rob Curran at rob.curran@dowjones.com 



  (END) Dow Jones Newswires



  March 02, 2026 17:11 ET (22:11 GMT)


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