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Market Chatter: US Energy Secretary Says Half of Hormuz Oil Stoppages Have Eased

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US Energy Secretary Chris Wright said about 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz, or about half the volumes stranded at the start of the war with Iran, Bloomberg reported Friday, citing Wright's remarks at an energy briefing in Houston.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Thursday afternoon, with the NYSE Energy Sector Index down 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.6%.The Philadelphia Oil Service Sector Index was rising 0.7%, and the Dow Jones US Utilities Index was up 0.8%.President Donald Trump said Thursday on Truth Social he has cancelled previously announced strikes on Iran tonight as "final points" of a deal have been, "in both concept and great detail, approved by all parties involved." He said the time and place of a deal signing between the nations will "be announced shortly."Front-month West Texas Intermediate crude oil fell 4.2% to $86.23 a barrel, and the global benchmark Brent crude contract dropped 4.6% to $88.82 a barrel. Henry Hub natural gas futures shed 3.3% to $3.08 per 1 million BTU.In sector news, the Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027. The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels. For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.In corporate news, BP (BP) should provide clarity on its medium-term growth targets and balance sheet goals amid the ongoing boardroom drama with the recent removal of Chair Albert Manifold, RBC Capital Markets said in a note. BP shares were down 0.6%.Oklo (OKLO) shares jumped 7% after it said Thursday that the US Department of Energy has approved the preliminary documented safety analysis for the Aurora powerhouse at Idaho National Laboratory under the department's Reactor Pilot Program.Energy Fuels (UUUU) shares surged 10% after the company said it expects finished uranium production at its White Mesa Mill to reach about 1.6 million pounds by June 30, which would already be within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8.Black Hills' (BKH) pending merger with NorthWestern Energy (NWE) has an underappreciated strategic value as the combination will likely offer larger scale, stronger balance sheet, and wider jurisdictional diversity, BofA said in a note. BofA upgraded Black Hills to buy from neutral and increased the company's price target to $78 from $76. Black Hills shares rose 0.3%.

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Sectors

Sector Update: Financial Stocks Rise Late Afternoon

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Sector Update: Consumer Stocks Advance Late Afternoon

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