$USO

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Amid US-Iran Ceasefire

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Monday's premarket activity, as the US and Iran said they have agreed to a ceasefire.US stock futures were also higher, with S&P 500 Index futures up 1.3%, Dow Jones Industrial Average futures advancing 0.9%, and Nasdaq futures gaining 2.1% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to a reading of 13.5 in a survey compiled by Bloomberg.The industrial production report for May will be released at 9:15 am ET, followed by the housing market index for June at 10 am ET.In premarket action, bitcoin was up by 3.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.2% higher, Ether ETF (EETH) advanced 5.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.2%, while the Vanguard Industrials Index Fund (VIS) rose 1.7% and the iShares US Industrials ETF (IYJ) was 0.1% higher.SpaceX (SPCX) rose more than 6% before market open after the Elon Musk-led company finished its trading debut on Friday with a 19% rise.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained by 2.8%, and the iShares US Technology ETF (IYW) was 2.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 4%, while the iShares Semiconductor ETF (SOXX) increased by 4.2%.Tower Semiconductor (TSEM) shares were up more than 6% in premarket activity after the company entered into a multi-year agreement with IQE for the supply of indium phosphide epiwafers used in optical connectivity offerings for data center infrastructure.EnergyThe iShares US Energy ETF (IYE) was down 2% while the State Street Energy Select Sector SPDR ETF (XLE) was down by 2.8%.Equinor ASA (EQNR) stock was down more than 5% before the opening bell after the company said it is advancing a fourth phase of development at the Johan Sverdrup field in the North Sea after new appraisal wells confirmed additional recoverable oil volumes in the area.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.8%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1.1% higher.Zymeworks (ZYME) was up more than 2% premarket a day after the biotechnology company said its drug to treat certain reproductive tract cancers has shown promise in early testing.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2% lower.Deutsche Bank (DB) shares were up more than 3% pre-bell as media outlets reported that JPMorgan Chase (JPM) and Deutsche Bank will participate in Singapore's planned gold-clearing system. JPMorgan stock was 0.8% higher.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 1.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased by 1.1%.Tesla (TSLA) shares were up more than 1.6% pre-bell after closing Friday with a 1.8% rise. News agency Reuters claimed Monday that the electric vehicle maker relied on misleading data when it made representations to European regulators about enhanced safety from its self-driving vehicles.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 5.4% to $80.29 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.4% at $3.08 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 4.6%, while the United States Natural Gas Fund (UNG) was 1.4% lower.Gold futures for July advanced by 2.6% to $4,347.00 an ounce on the Comex. Silver futures rose by 4.1% to $70.75 an ounce. SPDR Gold Shares (GLD) was up by 3.1%, and the iShares Silver Trust (SLV) rose by 4.8%.

Oil Prices Slump as Iran and the United States Agree to a Truce, Reopening the Strait of Hormuz

Oil traded sharply lower early Monday after the United States and Iran reached a truce in the war that has blocked off the Strait of Hormuz, the chokepoint for a fifth of the daily oil demand supplied by Persian Gulf nations.West Texas Intermediate crude oil for July delivery was last seen down US$4.36 to US$80.52 per barrel, the lowest since March 4, while August Brent oil down US$4.07 to US$83.26.In a deal brokered by Pakistan, the United States and Iran on Sunday reached a memorandum of understanding to end the war launched by the U.S. and Israel on Feb. 28. According to the Wall Street Journal, the deal will see the Strait reopened on Friday, releasing tankers trapped in the Gulf and freeing up oil exports from the region. A final deal is expected to take up to two months to reach.The war has forced importing countries to draw down stockpiles, depleting global inventories that had been swelled by over-production prior to the start of the war. Iranian attacks on its regional neighbors damaged crucial oil infrastructure and shut in producing producing oil fields, which will take at least months to restore pre-war output, likely keeping prices elevated for months."Whether prices, currently around US$13 above pre-war levels, can fall further will depend on several factors, including the pace at which commercial and strategic stockpiles are replenished, how quickly shut-in production can be brought back online, and the extent of any lasting demand destruction caused by a prolonged period of elevated energy prices. The speed at which supply chains normalise and export flows recover will also play a key role in determining how much of the geopolitical risk premium remains embedded in the market," Saxo Bank noted.

Markets Rejoice as The U.S., Iran Strike An Initial Deal, Says Scotiabank

The market driver on Monday is news of a peace framework between the United States and Iran that has the advantage of getting oil flowing through the Strait of Hormuz at least for now, said Scotiabank.Oil was down by almost US$5/barrel to the low $80s in WTI and Brent terms, while the oil futures curve remained well above pre-Iran war levels as "a material shock remains intact amid ongoing vulnerabilities", noted the bank.The same goes for gasoline futures into the summer driving season, thin inventories and strained capacity across refineries, it also noted.That's driving a well-timed rally in sovereign bonds ahead of the week's deluge of central banks, especially the Federal Reserve, with most global benchmark yields down by about 2bps to 7bps as curves mildly bull steepen, Scotia said.Stocks were broadly higher by 0.75% to almost 2% across North American futures and around 1% across Europe, except for London, which was little changed with the Starmer administration stoking U.S. trade tensions by following others with an under-16 year old social media ban, Scotiabank noted.The US dollar (USD) was broadly retreating as most major crosses appreciate, although with mild underperformance by oil-crosses like the Canadian dollar (CAD or loonie) and Norway's krone (NOK), it also noted.

NY Crude Down 5.6% at Near US$80.10 and Brent Crude Down 5.2% at US$82.80

Crude Oil Prices Plunge as U.S., Iran Reach Initial Deal to End War

Crude oil prices plummeted on Monday after the U.S. and Iran reached a preliminary deal to end the war and reopen the Strait of Hormuz to shipping.Brent crude at last look dropped 5.2% to US$82.76/barrel and West Texas Intermediate crude fell 5.6% to $80.09/barrel.The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, with U.S. President Donald Trump saying the strait would be open "toll free" and a U.S. naval blockade of Iranian ports would end, Reuters said in a Monday report.Investors are monitoring how quickly Middle Eastern producers can resume oil production and exports and whether more ships will enter the region, the report said."It will take time for oil to approach the pre-crisis level of 20 million barrels per day sailing through this chokepoint. Estimates of the full resumption of traffic vary from weeks to months," Reuters quoted Tamas Varga, analyst at PVM Oil Associates, as saying.

Update: WTI Oil Falls to a Two-Month Low on Reports a U.S. Peace Deal With Iran is Near

West Texas Intermediate (WTI) crude oil fell for a second day on Friday, falling to the lowest in nearly two months on expectations the United States and Iran are near a deal to end their war and reopen the Strait of Hormuz.WTI crude oil for July delivery closed down US$2.893 to settle at US$84.88 per barrel, the lowest since April 17, while August Brent oil was last seen down US$3.11 to US$87.27.The drop comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, which is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war. Traders are expecting a peace deal to offer a quick boost to supply as tankers trapped within the Gulf since the Strait was closed move to market, easing worries over depleted inventories and ending the largest ever supply shock."Oil slumped after President Trump talked up another peace deal, with markets this time appearing increasingly willing to believe it may be for real, despite the lack of confirmation from Tehran. Brent crude fell to a two-month low amid expectations of a surge in supply from tankers currently stranded in the Gulf," Saxo Bank wrote.Still, a recovery of normal supply from the Persian Gulf is expected to be slow, as damage to infrastructure from the war is repaired and countries in the region restart shut-in oil fields, continuing the draw down on global inventories that began with the start of the conflict."Once the traffic through the Strait of Hormuz gradually begins to resume and shut-in oil production increasingly restarts, we assume (Brent) oil prices will begin to fall, decreasing to an average of $89/b by 4Q26. We assess that most shut-in oil production will be fully restored in 1Q27 and that global oil inventories will again start building, gradually lowering oil prices to an average of $79/b in 2027," the U.S. Energy Information Administration said in its monthly Short-Term Oil Energy Outlook released this week.

July WTI Crude Oil Contract Closed Down US$2.83; Settles at US$84.88 per Barrel

Sector Update: Energy Stocks Decline Premarket Friday

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 1.5% and the United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 2.7% lower at $85.37 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.3% to $88.31 per barrel, and natural gas futures were up 0.1% at $3.09 per 1 million British Thermal Units.Venture Global (VG) stock was down more than 1% after the company said it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.Western Midstream Partners (WES) said it has completed the acquisition of Brazos Delaware in a cash-and-stock deal valued at around $1.6 billion. Western Midstream Partners shares were 0.7% lower pre-bell.

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of SpaceX Debut

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) fell 0.3% in Friday's premarket activity, ahead of the debut of Elon Musk's Space Exploration Technologies after markets open.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures easing 0.3% before the start of regular trading.The preliminary University of Michigan consumer sentiment report for June will be released at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.5%, while the iShares Semiconductor ETF (SOXX) declined by 1.2%.Adobe (ADBE) shares were down more than 9% in premarket activity as multiple analyst price target cuts followed the software maker's latest quarterly results and announcement that Chief Financial Officer Dan Durn had resigned.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, and the Vanguard Industrials Index Fund (VIS) was 0.3% higher, while the iShares US Industrials ETF (IYJ) retreated by 0.04%.Rocket Lab (RKLB) stock was up more than 2% before the opening bell after the company said it has been added to the Nasdaq-100 Index, effective June 22.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 1%, while the iShares US Healthcare ETF (IYH) gained by 1.6%. The iShares Biotechnology ETF (IBB) was 0.3% higher.Enliven Therapeutics (ELVN) stock was down more than 3% premarket after the company priced an upsized public offering of 8.9 million shares at $37.50 per share and pre-funded warrants to purchase up to 1.73 million shares at $37.499 each.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Barclays (BCS) shares were up nearly 2% pre-bell after the British financial services giant agreed to acquire the UK operations of GoHenry, a money-management education platform, from Acorns Grow.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Lennar (LEN) shares were down nearly 2% pre-bell after the homebuilder issued a downbeat fiscal Q3 delivery outlook.EnergyThe iShares US Energy ETF (IYE) was down 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.5% lower.Venture Global (VG) stock was down more than 1% before market open after the company closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.7% to $85.37 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.3% at $3.10 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.3%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July advanced by 2.4% to $4,213.40 an ounce on the Comex. Silver futures rose by 4.2% to $66.69 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) decreased by 0.8%.

Oil Falls to a Two-Month Low on Reports a U.S. Peace Deal With Iran is Near

Oil prices fell for a second day early on Friday, falling to the lowest in nearly two months on expectations the United States and Iran are near a deal to end their war and reopen the Strait of Hormuz.West Texas Intermediate crude oil for July delivery was last seen down US$3.07 to US$84.64, the lowest since April 17, while August Brent oil was down US$2.95 to US$87.43.The drop comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, which is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war. Traders are expecting a peace deal to offer a quick boost to supply as tankers trapped within the Gulf since the Strait was closed move to market, easing worries over depleted inventories and ending the largest ever supply shock."Oil slumped after President Trump talked up another peace deal, with markets this time appearing increasingly willing to believe it may be for real, despite the lack of confirmation from Tehran. Brent crude fell to a two-month low amid expectations of a surge in supply from tankers currently stranded in the Gulf," Saxo Bank wrote.Still, a recovery of normal supply from the Persian Gulf is expected to be slow, as damage to infrastructure from the war is repaired and countries in the region restart shut-in oil fields, continuing the draw down on global inventories began with the start of the conflict."Once the traffic through the Strait of Hormuz gradually begins to resume and shut-in oil production increasingly restarts, we assume (Brent) oil prices will begin to fall, decreasing to an average of $89/b by 4Q26. We assess that most shut-in oil production will be fully restored in 1Q27 and that global oil inventories will again start building, gradually lowering oil prices to an average of $79/b in 2027," the U.S. Energy Information Administration said in its monthly Short-Term Oil Energy Outlook released this week.

Crude Oil Prices Drop as Trump Cancels New Strikes on Iran

Crude oil prices dropped on Friday after U.S. President Donald Trump called off planned strikes on Iran amid progress in peace talks.Brent crude at last look lost 4.4% to US$86.42/barrel and West Texas Intermediate crude fell 4.5% to $83.79/barrel. Prices hit their lowest levels in nearly two months after Trump said a deal that would reopen the Strait of Hormuz could be signed as soon as this weekend, Reuters said in a Friday report."Headlines are driving the market once again, as confidence grows that an eventual deal will be struck and the Strait reopens," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.However, global and regional oil stocks remain low, and a deal may not be enough to boost stocks as it would take time to ensure uninterrupted oil flows, the analyst added, according to Reuters.The Organization of the Petroleum Exporting Countries on Thursday reduced its 2026 global oil demand growth forecast to 970,000 barrels per day, down from a previous forecast of 1.17 million barrels per day. This is the producer group's second straight downward revision, the report said.

Update: WTI Closes Lower as Trump Cancels Iran Attacks, Says Peace Talks to Resume

West Texas Intermediate (WTI) crude oil closed lower on Thursday, falling off session highs after U.S. President Trump canceled planned attacks on Iran and said talks may be resuming.WTI oil for July delivery closed down US$2.32 to settle at US$87.71 per barrel, falling off a session high of US$93.64, while July Brent oil was last seen down US$2.86 to US$90.24.In a social media post, Trump said he is canceling the attacks planned for Iran today, saying "Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening".Trump added "Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others .However Iranian media reported Iran has not yet approved any text for the agreement.Trump has frequently promised a quick end the war that has shut in the Strait of Hormuz, blocking much of the one-fifth of daily oil demand supplied by Persian Gulf nations. Any deal to end the conflict would restore much of that supply, but not immediately as infrastructure is repaired and oilfields restarted.The lack of supply is cutting into oil inventories, with the Energy Information Administration on Wednesday reporting U.S. commercial oil inventories fell by 7.2-milllion barrels last week, well above the consensus estimate for a 4.0-million barrel drop among analysts polled by Reuters.

July WTI Crude Oil Contract Closes Down US$2.32; Settles at US$87.71 per Barrel

Sector Update: Energy Stocks Mostly Higher Pre-Bell Thursday

Energy stocks were mostly higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.6%.The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was up 0.5% to $90.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.2% to $93.26 per barrel, and natural gas futures were 1.7% lower at $3.13 per 1 million British Thermal Units.BP (BP) stock was up more than 2% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.Energy Fuels (UUUU) shares rose 3.2% after the company said it expects finished uranium production at its White Mesa Mill to reach approximately 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.Expro (XPRO) shares gained 1.3% pre-bell after the company said it signed a two-year contract with a major operator in the United Arab Emirates to provide testing and flowback services for unconventional wells.

Oil Trading Higher as Fresh Fighting in the War on Iran Threatens to Prolong the Energy Supply Shock

Oil prices rose early on Thursday as the United States launched a new round of attacks on Iran, ending a ceasefire between the two and keeping the Strait of Hormuz blocked for most shipping.West Texas Intermediate crude oil for July delivery was last seen up US$0.75 to US$90.78 per barrel, while July Brent oil was up US$0.41 to US$93.51.U.S. President Trump on Wednesday ordered fresh strikes on Iranian targets amid frustration Iran is stalling negotiations to end the war that has produced the largest ever energy supply shock. Iran responded by launching attacks on Kuwait, Jordan and Bahrain. Iran also said it will completely close the Strait of Hormuz, keeping oil exports from the Persian Gulf nations that supplied a fifth of daily oil demand mostly off the market.The Wall Street Journal reported the fighting came as Trump said Iran is "playing us for suckers" as he looks to force the country to resume negotiations over its nuclear stockpiles. U.S. forces had been accompanying tankers through the Strait, with Bloomberg reporting ships carrying more than 100-million barrels of oil have passed through the waterway since it began protecting shipping in the region, though renewed fighting may heighten the risk to shipping."US forces struck targets in Iran for a second consecutive day. Renewed hostilities threaten to prolong the near-total closure of the Strait of Hormuz, which has severely disrupted flows of crude oil, refined fuels, and natural gas since the conflict escalated in late February," Saxo Bank noted.The lack of supply is cutting into oil inventories, with the Energy Information Administration on Wednesday reporting U.S. commercial oil inventories fell by 7.2-milllion barrels last week, well above the consensus estimate for a 4.0-million barrel drop among analysts polled by Reuters.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid US Attacks on Iran

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.6% in Thursday's premarket activity, amid US attacks on Iran and ahead of economic data.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.8% before the start of regular trading.May's producer price index, a measure of wholesale prices, and the weekly jobless claims bulletin are scheduled to be released at 8:30 am ET.Weekly natural gas stocks post at 10:30 am ET.In premarket action, bitcoin was up by 3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.9% higher, Ether ETF (EETH) advanced 1.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.1%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.4% and the Vanguard Industrials Index Fund (VIS) added 0.3%, while the iShares US Industrials ETF (IYJ) was 0.6% lower.PureCycle Technologies (PCT) stock was down more than 16% before the opening bell after the company priced simultaneous public offerings of debt and equity to generate $395 million in total gross proceeds.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and the iShares US Technology ETF (IYW) advanced 1.4% each, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.2%, while the iShares Semiconductor ETF (SOXX) rose by 3%.Oracle (ORCL) shares were down more than 10% in premarket activity as the cloud computing company announced plans to raise about $40 billion via debt and equity issuances in fiscal 2027, including its previously announced $20 billion stock sale.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% lower.WisdomTree (WT) shares were down more than 5% pre-bell, continuing from a 1.9% fall in the previous session. The company reported higher assets under management and net inflows for May.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.5%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.9% higher.Novartis (NVS) stock was up more than 2% premarket after the company said a phase 1/2 study of its experimental therapy, del-brax, met both primary and key secondary endpoints in patients with facioscapulohumeral muscular dystrophy.EnergyThe iShares US Energy ETF (IYE) advanced 0.02%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1%.BP (BP) stock was up more than 2% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 0.01%. The iShares US Consumer Staples ETF (IYK) fell by 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose by 0.8%.Tesla (TSLA) shares were up nearly 1% pre-bell after Annick De Ridder, Flemish Minister of Mobility, Public Works, Ports, and Sport, said in an X post that the EV maker's full self-driving technology has been approved in Belgium.CommoditiesFront-month US West Texas Intermediate crude oil rose 0.9% to $90.83 per barrel on the New York Mercantile Exchange. Natural gas was down 1.5% at $3.14 per 1 million British Thermal Units. The United States Oil Fund (USO) rose 0.4%, while the United States Natural Gas Fund (UNG) was 1.2% lower.Gold futures for July retreated by 0.7% to $4,105.70 an ounce on the Comex. Silver futures declined by 1.3% to $63.87 an ounce. SPDR Gold Shares (GLD) was up by 0.04%, and the iShares Silver Trust (SLV) decreased by 0.2%.

Sector Update: Energy

Energy stocks were up premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.4%.The United States Oil Fund (USO) was down 1.4%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Front-month US West Texas Intermediate crude oil was down 1.3% to $88.86 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 1.4% to $91.81 per barrel, and natural gas futures were 2% lower at $3.12 per 1 million British Thermal Units.BP (BP) stock was up more than 1% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.

Crude Oil Prices May Hit US$150/Barrel if U.S.-Iran Hostilities Resume in Earnest, Says Rystad Energy

Rystad Energy expects crude oil prices to move toward US$150/barrel if hostilities between the U.S. and Iran were to resume in earnest, according to a Wednesday note.The latest escalation has brought the ceasefire to its most difficult moment so far, Rystad said. The uncertainty has been injecting volatility into oil price moves"At this stage, it is too early to say whether the current escalation marks a full resumption of hostilities or a dangerous but still containable episode," said Jorge Leon, senior vice president and head of geopolitical analysis at Rystad.However, price rises could also be blunted by record Strategic Petroleum Reserve releases that has resulted in record U.S. exports, lower crude imports by China, and crude bypassing the Strait of Hormuz via Saudi Arabia's Yanbu port, Leon noted."Oil price volatility is likely to remain elevated until there is clearer evidence that the ceasefire can hold or that diplomatic channels are regaining traction," Leon said.

Crude Oil Prices Hold Steady as Traders Assess Supply Impacts of U.S.-Iran War Escalation

Crude oil prices were little changed on Thursday as traders assessed the supply impacts of recent renewed exchange of hostilities between the U.S. and Iran.Brent crude at last look lost 0.7% to US$92.45/barrel and West Texas Intermediate crude was down 0.5% to $89.57/barrel. This comes as efforts to reach a preliminary deal between the two countries intensify despite strikes from both sides, Reuters said in a Thursday report, citing three Iranian sources.Tehran declared the Strait of Hormuz closed after the U.S. launched strikes against Iran, the report said. Weaker Chinese fuel demand, however, is capping price increases amid falling gasoline and diesel use, as well as lower crude imports."The latest escalation adds uncertainty to already fragile ceasefire negotiations and risks prolonged supply disruptions that have constrained global crude, fuel, and LNG exports since the conflict began," Reuters quoted MUFG analyst Soojin Kim as saying.

Update: WTI Oil Rises as Iran and the U.S. Trade Attacks While U.S. Oil Inventories Fall Again

West Texas Intermediate (WTI) crude oil rose on Wednesday on renewed fighting between the United States and Iran, while a report showed U.S. oil inventories fell for an eighth week.WTi oil for July delivery closed up US$1.83 to settle at US$90.03 per barrel, while August Brent oil was last seen up US$2.23 to US$93.78.The rise comes on a fresh clash between the United States and Iran. Iran on Tuesday shot down a U.S. helicopter and the U.S. responded with attacks on Iranian targets. According to the Wall Street Journal, Iran also attacked U.S. allies in the Persian Gulf region, as well as Jordan.The fighting is lowering hopes for a peace deal between Iran and the United States, leaving the Strait of Hormuz closed to shipping and keeping most oil exports from Persian Gulf nations, which supplied a fifth of daily oil demand, off the market.In its monthly Short-Term Energy Outlook released on Tuesday, the Energy Information Administration (EIA) reported the closure of the Strait is depleting global inventories, keeping prices high."Global oil markets remain highly volatile as very limited shipping traffic through the Strait of Hormuz has caused oil producers in the Middle East to reduce crude oil production by more than 11 million barrels per day (b/d) in May compared with pre-conflict levels. This drop in production has resulted in large global inventory draws to meet demand. Under our assumptions, we expect global oil inventories will fall by an average of 6.3 million b/d in 2Q26 and by 7.6 million b/d in 3Q26," the agency said.In its weekly survey, the EIA reported U.S. commercial oil inventories fell by 7.2-milllion barrels last week, well above the consensus estimate for a 4.0-million barrel drop among analysts polled by Reuters.