Energy Up With Oil Futures on Iran War Fears - Energy Roundup
Shares of energy companies rose alongside oil futures due to expectations of escalation in the Iran war.
Iran warned it would lash out at civilian targets in the Persian Gulf if the U.S. and Israel resumed a bombing campaign, as reportedly is under consideration. Oil prices rose by more than 3% in New York, blowing past the psychologically significant $100-per-barrel milestone.
Oil majors such as Exxon Mobil and Chevron rose after strong third-quarter reports from Italian major ENI.
Refiners gave back some of their recent gains, amid concerns that another increase in fuel prices would cause demand destruction.
The SPDR Select Sector Energy exchange-traded fund, which tracks the energy industry group of the S&P 500, is now up by more than 50% for the year to date -- by far the biggest gainer of any of the 11 sectors.
Oil-services firm SLB posted third-quarter revenue growth, buoyed by growth at its data-center unit and a gradual recovery for its Middle East unit.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 23, 2026 17:35 ET (21:35 GMT)
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