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

Marathon Oil

02/10/2024 10:07

** Shares of oil and gas companies were up premarket,
tracking an around 2% gain in crude prices 
    ** Crude oil prices jumped on rising concerns over
escalating Middle East tensions, potentially disrupting crude
output following Iran's biggest ever military blow against
Israel
    ** "The more Iran gets directly involved in this conflict
the greater the risk of oil supply disruptions ... Attention is
now fully on how Israel will respond to this latest attack," ING
strategists say 
    ** Shares of Exxon Mobil  XOM.N , Chevron  CVX.N ,
Occidental Petroleum  OXY.N , Marathon Oil  MRO.N  and
Schlumberger N.V.  SLB.N  were up 1.4%-2.2% premarket
    ** The S&P 500 energy sector  .SPNY  jumped over 2% to its
highest level in over a month on Tuesday, rising for a third
straight day
    ** U.S. oil stocks' performances were in line with a jump in
shares of European oil and gas companies 
    ** However, the SPNY index is the worst YTD performer among
the major 11 S&P 500 sector indexes

    

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