Energy Up on Signs of Oil-Price Stability - Energy Roundup
Shares of energy companies rose as oil futures retreated to a more sustainable level.
U.S. crude oil futures settled down 5.3% at $93.50 a barrel, amid signs Iran was letting some tankers through the Strait of Hormuz.
President Trump said allies would likely send ships to help oil move through the Iranian chokepoint.
Tankers representing roughly one fifth of the world's daily oil production typically funnel through the waterway. It has been effectively shut since the Iran war began two weeks ago.
Sable Offshore resumed the transportation of oil through the Santa Ynez pipeline system off the California coast, following a Defense Production Act emergency directive from the Trump administration.
Iraq is hoping to ship up to 250,000 barrels of oil a day to Turkey's Ceyhan port without passing through the Kurdistan region after halting exports from the south because of the closure of the Strait of Hormuz, a deputy prime minister said.
United Arab Emirates authorities said they were responding to a fire at the Shah oilfield caused by a drone strike.
Oil prices could plunge if the Iran conflict is resolved, or spike if it escalates further.
Either scenario could be negative for energy stocks because a spike could destroy demand and induce an economic slowdown, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 16, 2026 17:13 ET (21:13 GMT)
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