Energy sector stocks responded in kind, with Exxon Mobil and Chevron climbing following a robust third-quarter performance from Italy’s ENI. The SPDR Select Sector Energy ETF, which tracks the S&P 500 energy group, has now surged over 50% year-to-date, positioning itself as the top-performing sector of the eleven measured.
In section Market Quotes
Oil Prices Surge Past $100 as Middle East Tensions Escalate
Crude oil futures jumped more than 3% in New York, breaching the $100-per-barrel threshold as Iran threatened strikes against Persian Gulf civilian targets. The warning follows reports that the United States and Israel are weighing a renewed bombing campaign against the Islamic Republic, stoking fears of a broader regional conflict.
Behind the headline gains, market dynamics remain uneven. Refiners surrendered previous advances as analysts flagged risks of demand destruction should fuel prices continue their climb. Meanwhile, oil-services provider SLB reported steady third-quarter revenue growth, supported by its expanding data-center operations and a measured recovery within its Middle East division.
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