Oil companies rise after Trump rejects Iran response to US peace proposal

Marathon Petroleum

11/05/2026 13:50

** Shares of U.S. energy companies rise premarket, tracking a rise in crude prices O/R

** Brent crude futures LCOc1 up 3% at $104.3/barrel; U.S. West Texas Intermediate crude futures CLc1 advance 3.2% at $98.40/barrel

** Oil prices rise after President Donald Trump said Iran's response to a U.S. peace proposal was "unacceptable", raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight

** Energy majors Chevron CVX.N rise 1% and Exxon Mobil XOM.N climbs ~1%

** Oil and gas producers APA Corp APA.O, SM Energy SM.N, Devon Energy DVN.N and Occidental Petroleum OXY.N rise between 1.5% and 2.6% each

** Oilfield services companies Liberty Energy LBRT.N and Halliburton HAL.N advance 1% and 1.8%, respectively

** Refiners Phillips 66 PSX.N and Marathon Petroleum MPC.N climb 1% and 1.4%, respectively

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))