Energy stocks climb as crude prices spike on rising Middle East tensions

Marathon Oil

02/10/2024 16:13

(Updates)
    ** Shares of oil and gas companies climb, tracking crude
prices; S&P 500 energy sector  .SPNY  rises 1.4% to hit highest
in over a month, earlier in the session
    ** Brent crude  LCoc1  up 2.1% at $75.14/bbl and U.S. West
Texas Intermediate crude  CLc1  up 2.5% at $71.57/bbl, on rising
concerns over escalating Middle East tensions, potentially
disrupting crude output following Iran's biggest ever military
blow against Israel
    ** "The involvement of Iran is a particularly troublesome
development for markets, with investors rightly fearful that
retaliation from Israel could disrupt global oil supplies," says
Matthew Ryan, head of market strategy at financial services firm
Ebury 
    ** Industry giants Exxon Mobil  XOM.N  and Chevron  CVX.N 
gain 1.4% and 1%, respectively
        ** Shares of SLB  SLB.N , Coterra Energy  CTRA.N ,
Marathon Oil  MRO.N , Baker Hughes  BKR.O , Devon Energy  DVN.N 
and APA Corp  APA.O  gain between 1.1% and 1.5%
        ** Diamondback Energy  FANG.O , which raised Q3
production outlook on Tues., is the top pct. gainer on the
energy index, last up 2.2% at $181.37

 (Reporting by Ankika Biswas and Vallari Srivastava in
Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))