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Attacks on tankers pushed oil prices towards new highs.
Brent crude oil rose above $100 a barrel for the first time since July, while the U.S. benchmark West Texas Intermediate (WTI) crossed $95, with varying impacts on energy ETFs. The price surge followed escalation in the Middle East conflict, including U.S.
Shares of Norwegian Cruise Line Holdings (NYSE:NCLH | NCLH Price Prediction) are sliding midday Wednesday as firmer crude oil undercuts the fuel-cost relief thesis that's been circulating among cruise bulls. Norwegian stock is down 3% to $14.
U.S. natural gas supply and demand will both rise to record highs in 2026 and 2027, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Wednesday.
The U.S. Energy Information Administration raised its oil price forecasts for this year and next year on Wednesday, as global stockpiles fall rapidly under pressure from the loss of Middle Eastern supply in the ongoing Iran war.
Get a jump start on the US trading day with Vonnie Quinn and Bailey Lipschultz on "Bloomberg Open Interest." Scott Bessent turns up the heat on global markets, from the yen to Treasuries.
Brent crude punched through $100 a barrel on Wednesday morning, hours after U.S. forces struck oil tankers linked to Iran's Islamic Revolutionary Guard Corps operating near the Strait of Hormuz.
Energy and resource stocks have zigged while the market has zagged.