Energy stocks rally as US strikes on Iran fuel supply fears

Permian Resources

23/06/2025 09:27

** Oil and gas companies rise premarket, tracking surge in crude prices O/R

** Brent crude futures LCOc1 up 1.97% to $78.53/barrel; U.S. West Texas Intermediate crude futures CLc1 gains 2.04% to $75.35/barrel

** Oil surged to five-month high after the U.S. joined Israel in striking Iran's nuclear sites, raising supply disruption fears

** Goldman Sachs warned prices could temporarily touch $110/barrel if Strait of Hormuz is shut for a month

** Exxon Mobil XOM.N, Chevron CVX.N rise 0.9% and 0.5%, respectively

** Occidental Petroleum OXY.N, Permian Resources PR.N, EQT EQT.N, APA Corp APA.O climb between 1% and 1.8%

** Oilfield services firms Halliburton HAL.N, SLB SLB.N up 0.3% and 0.4%, respectively; refiner PBF Energy PBF.N advances 1.7%

** Airlines also concerned about potential spike in oil prices following U.S. attacks, which will raise cost of jet fuel

 (Reporting by Rashika Singh in Bengaluru)

 ((Rashika.Singh@thomsonreuters.com;))