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Oil prices rose nearly 5% Tuesday as concerns over supply disruptions lingered after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.
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European natural gas prices are surging, creating opportunities for Venture Global, Cheniere Energy, Shell, Equinor and U.S. gas producers.
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.
Energy and resource stocks have zigged while the market has zagged.
OPEC+ has decided to keep its oil production policy unchanged for October, signaling a cautious approach as the ongoing Iran conflict disrupts crude exports through the Strait of Hormuz and limits the producer group's ability to influence physical oil supplies.
XLE eyes fresh highs as oil rises, while XLF consolidates and XLV tests key support after breaking below a major trendline.