Oil companies rise after Trump warns of more attacks on Iran

SM Energy

08/07/2026 15:13

Updates
**  S&P 500 energy index .SPNY up 0.65%, tracking rise in crude prices O/R
** Brent crude LCOc1 rises 5.1% to $77.97/bbl and U.S. WTI rises 4.7% to $73.80/bbl
** Oil prices rise  after U.S. President Donald Trump warned Iran that the U.S. will likely engage in additional strikes on Wednesday night after attacks the previous day, adding that they might take over Kharg Island as well
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N up ~3% and 2.6%, respectively
** Liberty Energy LBRT.N, SM Energy SM.N, Occidental Petroleum OXY.N, APA Corp APA.O and Ovintiv OVV.N rise between 1.8% and 4%, among top percentage winners on energy index 
** Oilfield services providers: Baker Hughes BKR.O up 3.2%, SLB SLB.N up 1.2% and Halliburton up 1.5% 
** Refiners Phillips 66 PSX.N rises 2.5% and Marathon Petroleum up over 2.7% 
** Separately, Exxon Mobil on Wednesday signaled higher oil prices could boost upstream profit in Q2 by about $5 billion compared to the last quarter

 (Reporting by Vallari Srivastava and Varun Sahay in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))