$USO

July WTI Crude Oil Contract Closes Up US$1.83; Settles at US$90.03 per Barrel

Sector Update: Energy Stocks Edge Higher Pre-Bell Wednesday

Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.6%.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 2.8% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $89.40 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.2% to $92.54 per barrel, and natural gas futures were up 2.8% at $3.23 per 1 million British Thermal Units.Devon Energy (DVN) stock was up more than 1% after the company said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.KNOT Offshore Partners (KNOP) will not pursue the acquisition of the shuttle tankers Frida Knutsen and Sindre Knutsen from sponsor Knutsen NYK Offshore Tankers, the company said. Shares of KNOT Offshore Partners were up more than 1% pre-bell.APA (APA) stock was up more than 1% after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Amid Renewed US-Iran Clashes

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.6% in Wednesday's premarket activity, amid renewed clashes between Iran and the US.US stock futures were also lower, with S&P 500 Index futures down 1%, Dow Jones Industrial Average futures slipping 0.9%, and Nasdaq futures retreating 1.5% before the start of regular trading.Mortgage applications rose by 10.8% in the week ended June 5 after a 2.5% decline in Memorial Day week despite an increase in average 30-year mortgage rates, according to Mortgage Bankers Association data released Wednesday.US consumer prices rose 0.5% in May, matching economists' expectations but slowing from a 0.6% increase in April, while core CPI increased 0.2%, below forecasts for a 0.3% gain and down from a 0.4% rise in the prior month.The consumer price index report for May is scheduled for an 8:30 am ET release.The weekly EIA domestic petroleum inventories report will be released at 10:30 am ET.In premarket action, bitcoin was down by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated by 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 4.5%, while the iShares Semiconductor ETF (SOXX) declined by 3.4%.Taiwan Semiconductor Manufacturing (TSM) shares were down more than 3% in premarket activity even after the company reported higher net revenue for the month of May and the period from January to May.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.7% higher. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 1.2%.Sea's (SE) shares were down more than 2% pre-bell. Bloomberg reported, citing unnamed people familiar with the matter, that the company's Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) gained 1.2%. The iShares Biotechnology ETF (IBB) was 0.8% lower.Sanofi (SNY) stock was down more than 2% premarket after the company said that it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide "sufficient efficacy."FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.5% higher.Blackstone (BX) shares were down more than 2% pre-bell after Bloomberg reported the company is divesting Interplex's information and communications technology division to BizLink for roughly $850 million, with the agreement including an additional $50 million earnout based on certain milestones.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.6%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.Core & Main (CNM) stock was down more than 1% before the opening bell, after the company reported unchanged fiscal Q1 net sales.EnergyThe iShares US Energy ETF (IYE) rose 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.7%.APA (APA) stock was up more than 1% before market open after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.1% to $90.02 per barrel on the New York Mercantile Exchange. Natural gas was up 2.9% at $3.23 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.6%, while the United States Natural Gas Fund (UNG) was 2.6% higher.Gold futures for July retreated by 2.8% to $4,166.90 an ounce on the Comex. Silver futures declined by 2.3% to $63.72 an ounce. SPDR Gold Shares (GLD) was down by 2.8%, and the iShares Silver Trust (SLV) decreased by 2.4%.

Oil Prices Rise as Iran and the U.S. Trade Attacks While U.S. Oil Inventories Fall Again

Oil prices rose early on Wednesday on renewed fighting between the United States and Iran, while a report showed U.S. oil inventories fell for an eighth week.West Texas Intermediate crude oil for July delivery was last seen up US$1.68 to US$89.88 per barrel, while August Brent oil was up US$1.52 to US$92.97.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 American Petroleum Institute reported U.S. oil inventories fell by 9.12-million barrels last week, well above consensus expectation for a drop of 3.4-million barrels and the eighth-straight weekly drop. The EIA will release official storage data later on Wednesday morning.

U.S. EIA Reduces 2026 Global Oil Demand Forecast Amid High Prices, Reduced Availability

The U.S. Energy Information Administration lowered its forecast for global oil demand in 2026 in its June Short-Term Energy Outlook released Tuesday, citing high fuel prices, reduced fuel availability and government initiatives.The reduced global demand, particularly in Asia, could limit oil price increases resulting from near-term disruptions in oil flows out of the Middle East due to the war, the EIA said. The world is expected to consume 1 million fewer barrels of oil per day on average year over year."Any scenario involving full restoration of inventories, production, and trade flows to pre-conflict levels must account for the partial restructuring of the global oil market that has already occurred," EIA Administrator Tristan Abbey said.Brent crude oil prices are expected to average US$95/barrel in 2026, falling to $79/barrel in 2027 when supply flows and oil production resume.Natural gas prices at Henry Hub are forecast to average $3.60 in 2026 and $3.46 in 2027. Supply growth continues to outpace demand, lowering prices in the EIA's outlook from earlier forecasts, according to the agency.

Crude Oil Prices Little Changed Amid U.S.-Iran War Uncertainties

Crude oil prices held relatively steady on Wednesday amid uncertainty about developments in the U.S.-Iran war.Brent crude at last look was down 0.7% to US$87.57/barrel and West Texas Intermediate crude was down 0.6% to $90.94/barrel. Lower Chinese crude oil imports and the persisting effective closure of shipping through the Strait of Hormuz are putting a ceiling on price increases amid the war, Reuters said in a Wednesday report, citing analysts.Meanwhile, the U.S. responded to the downing of a U.S. Apache attack helicopter by striking Iranian targets, shifting traders' focus back toward risks brought about by the war, the report said."While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets," Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.

Update: WTI Oil Falls on Calming Middle East Tensions

West Texas Intermediate (WTI) crude oil fell 3.4% on Tuesday on calming tensions in the Middle East as Iran and Israel ended their missile attacks and U.S. President Trump said negotiations to end the war on Iran and reopen the Strait of Hormuz are in their "final throes".WTI crude oil for July delivery closed down US$3.10 to settle at US$88.20 per barrel, while August Brent oil was last seen down US$2.82 to US$91.43.Iran on the weekend launched missile strikes on Israel to force an end to Israel's occupation of southern Lebanon and Israel responded with strikes on Iran. The pair on Monday agreed to end hostilities, though Israel continues its war on the Iran-backed Hezbollah militant group, on Tuesday warning ordering residents of the city of Tyre to evacuate ahead of planned attacks on the city.The tenuous ceasefire between U.S. forces and Iran remains in place, with little word on the state of negotiations between the two, with Iran saying it will refuse talks until Israel withdraws from Lebanon. However the New York Times reported Trump told Israel Prime Minister Benjamin Netanyahu the U.S. is near a long-term deal to check Iran's nuclear program."Oil gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace agreement in the Middle East. US President Donald Trump, meanwhile, maintained his typically optimistic tone, saying negotiations are in the "final throes" of what he expects will be a successful deal," Saxo Bank wrote.The war is now in its fourth month, keeping the Strait of Hormuz blocked, shutting in much of the 20% of daily oil demand supplied by Persian Gulf nations. The largest-ever energy supply shock has kept oil prices high, with little expectations they will fall in the near term even if the Strait reopens, with Gulf producers needing to repair infrastructure damaged in the war and restart shut-in oilfields."With the Strait of Hormuz remaining effectively closed in the near term, disruptions to global oil production and shipments continue. Middle Eastern oil producers have cut output by over 11 million barrels per day (b/d), leading to large global inventory draws that average 6.3 million b/d in 2Q26 and 7.6 million b/d in 3Q26. As a result, oil inventories in OECD countries are the lowest since 2003. Global oil demand in 2026 falls by 1.1 million b/d compared with last year but is expected to increase by 2.5 million b/d in 2027, as oil prices decline and oil production in the Middle East gradually rises," the Energy Information Administration said in its monthly Short-Term Energy Outlook

July WTI Crude Oil Contract Closes Down US$3.10; Settles at US$88.20 per Barrel

Sector Update: Energy Stocks Lean Lower Premarket Tuesday

Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.The United States Oil Fund (USO) was down 2.4% and the United States Natural Gas Fund (UNG) was flat.Front-month US West Texas Intermediate crude oil was 2.5% lower at $89.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to $92.04 per barrel, and natural gas futures were up 0.2% at $3.15 per 1 million British Thermal Units.BP (BP) said it will be run under a new, simplified organizational structure composed of two distinct business segments, upstream and downstream, beginning July 1. Shares of BP were 0.8% lower pre-bell.Halliburton (HAL) said it has signed a multi-year agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton stock was down 0.9% premarket.Equinor (EQNR) said its corporate assembly elected Jarle Roth as chair of the board beginning July 1, following the departure of Jon Erik Reinhardsen. Equinor shares were 1.6% lower pre-bell.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday Amid Inflation Data

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Tuesday's premarket activity, amid key inflation data releasing this week.US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.8% before the start of regular trading.The US trade deficit narrowed to $55.9 billion in April from $56.6 billion in March, coming in slightly below economists' expectations of a $56.1 billion gap.The existing home sales data for May and the wholesale inventory data for April will be released at 10:00 am ET.In premarket action, bitcoin was down by 1.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by less than 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.05%, while the Vanguard Industrials Index Fund (VIS) retreated by 0.8% and the iShares US Industrials ETF (IYJ) was 0.9% higher.CECO Environmental (CECO) stock was up more than 10% before market open after the company said it now expects 2026 revenue of about $1.28 billion to $1.38 billion from its acquisition of Thermon Group, up from $940 million to $1 billion it projected previously.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.5%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.9% higher.IDEAYA Biosciences (IDYA) stock was down more than 7% premarket after the company said late Monday it priced an underwritten public offering expected to raise about $300 million in gross proceeds.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.7% lower.UBS Group (UBS) shares were up more than 2% pre-bell after Reuters reported that Swiss lawmakers are considering proposals that would reduce the capital burden facing UBS under planned banking reforms introduced after the collapse of Credit Suisse.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.3%, and the iShares US Technology ETF (IYW) was 1.1% higher, 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 2.6%, while the iShares Semiconductor ETF (SOXX) rose by 2.5%.Cipher Digital (CIFR) shares were up more than 3% in premarket activity, following a 8.2% rise at the prior close. The company said late Monday that its Stingray Compute unit has priced an $810 million private offering of 6.0% senior secured notes due 2031 at 99.75% of face value.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.1%. The iShares US Consumer Staples ETF (IYK) retreated by 0.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.4%. The VanEck Retail ETF (RTH) increased by 0.7%, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.Carnival (CCL) shares were up more than 1% pre-bell after the company deployed Konami Gaming's Synkros casino management system across the Carnival Cruise Line fleet.EnergyThe iShares US Energy ETF (IYE) was down 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.5%.Uranium Energy (UEC) stock was down more than 4% before the opening bell after the company reported a wider fiscal Q3 net loss.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 1.9% to $89.57 per barrel on the New York Mercantile Exchange. Natural gas was up 0.8% to $3.17 per 1 million British Thermal Units. The United States Oil Fund (USO) lost 2%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July advanced by 0.1% to $4,365.80 an ounce on the Comex. Silver futures fell by 0.2% to $68.48 an ounce. SPDR Gold Shares (GLD) was up by 0.3%, and the iShares Silver Trust (SLV) increased by 0.7%.

Oil Trading Lower on Calming Middle East Tensions

Oil prices fell early on Tuesday on calming tensions in the Middle East as Iran and Israel ended their missile attacks and U.S. President Trump said negotiations to end the war on Iran and reopen the Strait of Hormuz are in their "final throes".West Texas Intermediate crude oil for July delivery were last seen down US$1.73 to US$89.57 per barrel, while August Brent oil was down US$1.46 to US$92.70.Iran on the weekend launched missile strikes on Israel to force an end to Israel's occupation of southern Lebanon and Israel responded with strikes on Iran. The pair on Monday agreed to end hostilities, though Israel continues its war on the Iran-backed Hezbollah militant group, on Tuesday warning ordering residents of the city of Tyre to evacuate ahead of planned attacks on the city.The tenuous ceasefire between U.S. forces and Iran remains in place, with little word on the state of negotiations between the two, with Iran saying it will refuse talks until Israel withdraws from Lebanon. However the New York Times reported Trump told Israel Prime Minister Benjamin Netanyahu the U.S. is near a long-term deal to check Iran's nuclear program."Oil gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace agreement in the Middle East. US President Donald Trump, meanwhile, maintained his typically optimistic tone, saying negotiations are in the "final throes" of what he expects will be a successful deal," Saxo Bank wrote.The war is now in its fourth month, keeping the Strait of Hormuz blocked, shutting in much of the 20% of daily oil demand supplied by Persian Gulf nations. The largest-ever energy supply shock has kept oil prices high, with little expectations they will fall in the near term even if the Strait reopens, with Gulf producers needing to repair infrastructure damaged in the war and restart shut-in oilfields."Hormuz remains closed, and if suddenly opened tomorrow, will take up to a year to revert to normalcy," PVM Oil Associates noted.

Crude Oil Prices Drop Amid Investor Uncertainty as Iran, Israel Stop Attacks

Crude oil prices declined on Tuesday following news that Iran and Israel have paused attacks, but risks remain that hostilities would resume at any time.Brent crude at last look lost 2.1% to US$92.24/barrel and West Texas Intermediate crude fell 2.5% to $88.98/barrel. This comes after oil prices rose due to renewed Israeli strikes on Iran and attacks in Lebanon over the weekend.Analysts warned that this halt in hostilities could be short-lived as it had been in previous times since the war began, Reuters said in a Tuesday report."In the meantime, global oil inventories keep depleting and as data, whether weekly or monthly, becomes available, realization of dangerously low oil stockpiles worldwide could intensify the race for available barrels pushing Brent back above $100 once again," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.Most shipping through the Strait of Hormuz continues to be blocked, with the U.S. imposing its own blockade of Iranian ports, the report said.

Update: WTI Oil Rises as Iran and Israel Traded Strikes But Fell Back From Highs as They Agreed to Stop

West Texas Intermediate (WTI) oil rose on Monday as Iran launched weekend missile strikes on Israel on the weekend while Israel responded with strikes of its own but fell off session highs after they agreed to halt further attacks.WTI crude oil for July delivery closed up US$0.76 to settle at US$91.30 per barrel, after earlier touching US$95.47. August Brent oil was lost seen up US$1.13 to US$94.22.The rise comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. However Reuters reported the two agreed to halt their strikes, paring gains.The renewed hostilities threatened to again test the two-month ceasefire between Iran and the United States, while talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily oil demand and ending the largest-ever supply shock."Oil has once again moved towards the upper end of its established trading range after Israel and Iran resumed exchanging fire. Despite repeated optimism from the US administration, a lasting peace agreement appears increasingly elusive. The near closure of the Strait of Hormuz continues to tighten global energy markets, with several oil majors warning that the window before physical shortages begin to emerge may be measured in weeks rather than months," Saxo Bank noted.OPEC+ on the weekend agreed to raise July export quotas by 188,000 barrels per day, but the measure is having little market effect since with much of its members' supply capacity remaining trapped within the Persian Gulf. Russia's quota has been raised to 9.82 million barrels per day, according to Rystad Energy, but the country's shipment are at only 9.2-million bpd due to Ukrainian attacks on the country's oil infrastructure"With the Strait of Hormuz closed, the issue is not whether OPEC+ raises paper quotas, but whether additional barrels can actually reach the market. OPEC+'s decision to continue increasing production by 188,000 barrels per day for June confirms that the group remains on track to unwind the first tranche of voluntary cuts by September, if not earlier. But in the current market, the physical impact of such a decision would be close to zero," Rystad noted.

July WTI Crude Oil Contract Closes Up US$0.76; Settles at US$91.30 per Barrel

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.9% and the United States Natural Gas Fund (UNG) was 2.8% lower.Front-month US West Texas Intermediate crude oil was 1.3% higher at $91.69 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.7% to $94.68 per barrel, and natural gas futures were down 3.1% at $3.13 per 1 million British Thermal Units.Eni (E) and Petronas have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia, the companies said. Shares of Eni were up more than 1% pre-bell.Devon Energy (DVN) stock was up more than 1% after the company said between 66% and 98% of notes across seven bond series were tendered early to its exchange offers.SLB (SLB) said its OneSubsea joint venture won a contract from BP (BP) to provide a subsea boosting system for the Thunder Horse development in the Gulf of America. SLB shares were 0.5% higher premarket.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday as Chip Stocks Rebound

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Monday's premarket activity, as semiconductor shares rebound from Friday's selloff.US stock futures were also higher, with S&P 500 Index futures up 0.8%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 1.4% before the start of regular trading.The New York Fed's inflation expectations report for May will be released at 11 am ET.In premarket action, bitcoin was up by 3.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% higher, Ether ETF (EETH) advanced 6.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, while the Vanguard Industrials Index Fund (VIS) was up 0.8% and the iShares US Industrials ETF (IYJ) was inactive.Graham (GHM) stock was down more than 7% before the opening bell after the company reported lower fiscal Q4 adjusted net income.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 1.8%, and the iShares US Technology ETF (IYW) was 1.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.8%, while the iShares Semiconductor ETF (SOXX) rose by 4.1%.Nvidia (NVDA) shares were up more than 2% in premarket activity after dropping by 6.2% on Friday. The company will expand artificial intelligence infrastructure in South Korea, beginning with a 55-megawatt deployment at Naver's GAK Sejong data center. The chipmaker also closed a multi-year deal with SK hynix to design future generations of artificial intelligence memory hardware.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.8%. The iShares US Consumer Staples ETF (IYK) advanced by 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.8%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose by 1%.Ingredion (INGR) shares were up 0.8% pre-bell after the company said it has launched an all-cash tender offer to acquire Tate & Lyle, valuing the specialty ingredients company at about 3.7 billion British pounds ($5 billion).HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.2%, while the iShares US Healthcare ETF (IYH) slipped 0.2%. The iShares Biotechnology ETF (IBB) was 0.2% higher.Eli Lilly (LLY) stock was up more than 1% premarket after the drugmaker said its experimental obesity drug retatrutide delivered significant weight loss in two clinical studies and showed "meaningful" improvements in knee osteoarthritis pain and sleep apnea.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Blackstone (BX) shares were up 0.4% pre-bell after closing Friday with a 2.7% fall. The Financial Times reported the company is preparing to offload more than $2 billion in private fund stakes through a structured bond deal.EnergyThe iShares US Energy ETF (IYE) was up 0.7%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.7%.Eni (E) stock was up nearly 1% before the opening bell, following a 1.1% decline in the prior trading session. Petronas and Eni said they have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.9% to $91.33 per barrel on the New York Mercantile Exchange. Natural gas was down 2.9% to $3.13 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced by 2%, while the United States Natural Gas Fund (UNG) was 2.4% lower.Gold futures for July retreated by 0.3% to $4,354.00 an ounce on the Comex. Silver futures declined by 0.7% to $68.60 an ounce. SPDR Gold Shares (GLD) was up by 0.2%, and the iShares Silver Trust (SLV) increased by 0.5%.

Oil Prices Rise as Iran and Israel Trade Strikes, Lowering Hopes for a End to the Middle East War

Oil prices rise early on Monday as Iran launched missile strikes on Israel on the weekend while Israel responded with strikes of its own despite U.S. pressure to refrain from retaliating.West Texas Intermediate crude oil for July delivery was last seen up US$0.85 at US$91.30 per barrel, while August Brent oil was up US$1.18 at US$94.27.The rise comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. Citing Iranian state media, the Wall Street Journal reported Iran is ending further strikes, the first between the two countries since April. Israel ignored pressure from U.S President Trump to not respond and preserve a fragile ceasefire in the Middle East war.The renewed hostilities are testing the two-month ceasefire between Iran and the United States, while talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily oil demand and ending the largest-ever supply shock."Oil has once again moved towards the upper end of its established trading range after Israel and Iran resumed exchanging fire. Despite repeated optimism from the US administration, a lasting peace agreement appears increasingly elusive. The near closure of the Strait of Hormuz continues to tighten global energy markets, with several oil majors warning that the window before physical shortages begin to emerge may be measured in weeks rather than months," Saxo Bank noted.OPEC+ on the weekend agreed to raise July export quotas by 188,000 barrels per day, but the measure is having little market effect since with much of its members' supply capacity remains trapped within the Persian Gulf. Russia's quota has been raised to 9.82 million barrels per day, according to Rystad Energy, but the country's shipment are at only 9.2-million bpd due to Ukrainian attacks on the country's oil infrastructure"With the Strait of Hormuz closed, the issue is not whether OPEC+ raises paper quotas, but whether additional barrels can actually reach the market. OPEC+'s decision to continue increasing production by 188,000 barrels per day for June confirms that the group remains on track to unwind the first tranche of voluntary cuts by September, if not earlier. But in the current market, the physical impact of such a decision would be close to zero," Rystad noted.

Update: WTI Oil Falls Even as Israel Continues Striking Lebanon Despite Ceasefire Deal

West Texas Intermediate (WTI) crude oil closed down 2.7% on Friday with little change in the outlook for a settlement to the U.S. war on Iran as Israel continued strikes at Lebanon despite reaching a ceasefire with the country a day earlier.WTI crude oil for July delivery closed down US$2.50 to settle at US$90.54 per barrel, while August Brent oil was last seen down US$1.99 to US$93.04.Oil fell more than 3% on Thursday after reports Israel and Lebanon agreed to a U.S.-brokered ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The key Strait has been closed since the United States and Israel launched strikes on Iran on Feb. 28, blocking the 20% of daily oil demand supplied by Persian Gulf nations.Peace talks between the United States and Iran that could open the waterway have been stalled and a ceasefire was tested earlier this week as the two sides traded strikes. The Israel-Lebanon agreement was seen as a potential avenue to reopening negotiations, however Al Jazeera on Friday reported Israel is continuing attacks in Lebanon, raising doubts the deal will hold, while Iran on Friday fired warning strikes at U.S. warships.The lack of Persian Gulf supply has left the Asian nations struggling to replace the lost barrels, while U.S. exports have surged, cutting into its inventories."Crude oil trades softer but remains near the upper end of Brent's recent USD 90-100 range after the Israel-Lebanon ceasefire announcement. The move follows another day of US and Iranian military action across the region. While flows through the Strait of Hormuz remain severely disrupted, global supply buffers continue to shrink. In the US, a sixth consecutive weekly inventory draw saw stockpiles at Cushing, the delivery hub for WTI futures, fall to 22.4 million barrels, edging closer to levels widely considered near the operational minimum," Saxo Bank said in a Thursday note.

July WTI Crude Oil Contract Closes Down US$2.50; Settle at US$90.54 per Barrel

Sector Update: Energy Stocks Advance Pre-Bell Friday

Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%The United States Oil Fund (USO) was down 0.9% and the United States Natural Gas Fund (UNG) was 1.8% lower.Front-month US West Texas Intermediate crude oil was 1.2% lower at $91.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.9% to $94.16 per barrel, and natural gas futures were down 1.2% at $3.30 per 1 million British Thermal Units.BP (BP) agreed to subscribe for 10 million British Pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said. BP stock was 0.5% lower premarket.Eni (E) has signed a petroleum exploration, development and production license agreement with the government of Gambia for the block A1 offshore the republic, the company said. Shares of Eni were down 0.1% pre-bell.