United States Oil Fund

Oil Jumps as US-Iran Conflict, Houthi Attacks Escalate Supply Fears

Oil traded sharply higher early Thursday, rising for a fifth straight day as fighting between the US and Iran continued and Yemen's Houthi militants widened the Middle East conflict by attacking two tankers carrying Saudi oil in the Red Sea.West Texas Intermediate crude oil for September delivery was last seen up $3.73, or 4.3%, at $90.56 per barrel, its highest level since June 4, while September Brent crude rose $4.43, or 4.7%, to $98.50.The gains came as continued fighting in the Middle East heightened supply risks. The conflict between the US and Iran entered a 12th day, with reports that Iran launched strikes on targets in Kuwait while the US continued attacking Iranian facilities.The fighting has blocked most shipping through the Strait of Hormuz, the chokepoint for exports from Persian Gulf countries that supplied about 20% of global daily oil demand before the war began. Only 14 ships moved through the strait over the past day, according to hormuzstraitmonitor.com, leaving 440 vessels waiting to transit the waterway.Yemen's Houthis also attacked two tankers carrying Saudi oil exports in the Red Sea, further heightening supply concerns as the militants sought to disrupt Middle East exports."Crude oil extended its rally, with Brent rising as much as 2.5% to almost 96.50 dollars a barrel, its highest since early June, after Iran-backed Houthi militants struck two Saudi tankers in the Red Sea. WTI traded toward 88 dollars, leaving oil up close to 30% this month. The bid reflects the US-Iran conflict, the Houthi threat to Red Sea shipping through the Bab el-Mandeb Strait, and Tehran's dismissal of peace talks," Saxo Bank wrote.

Update: Oil Climbs to Six-Week High as US-Iran Conflict, Red Sea Threats Elevate Supply Fears

(Updates prices in the second paragraph and adds EIA data in the final parpagraph.)West Texas Intermediate (WTI) crude oil closed at a six-week high Wednesday as the US continued attacks on Iran, keeping the Strait of Hormuz closed, while Yemen's Houthi militants threatened to block Saudi oil exports in the Red Sea.WTI crude for September delivery closed up $2.49, or 3%, to settle at $86.83 per barrel, the highest level since June 11, while September Brent crude was last seen up $3.22, or 3.5%, to $94.23.The gains came as the escalating conflict between the US and Iran kept the Strait of Hormuz closed. The Guardian reported that US forces launched strikes on Iran for an 11th consecutive night, targeting aircraft hangars and drone storage facilities.The conflict has blocked the Strait of Hormuz, the chokepoint for about 20% of global oil consumption supplied by Persian Gulf nations before the war began on Feb. 28. Just 14 ships transited the waterway over the past day, according to hormuzstraitmonitor.com, leaving about 400 vessels, including 120 tankers, stranded in the Gulf.Yemen's Houthi militants added to the supply worries with a threat to block the Bab el-Mandeb Strait, the southern end to the Red Sea, to restrict Saudi exports through the sea.Oil's "move reflects the ongoing US-Iran conflict, now in its 11th day, a Houthi threat to Red Sea shipping, and production shut-ins as Tropical Storm Bertha moves through the Gulf of Mexico, which pushed the Mars crude premium to around $2 a barrel over WTI, its strongest since early June", Saxo Bank noted.In its weekly survey, the Energy Information Administration said US commercial oil inventories rose by 2.0-million barrels last week, while analysts polled by Reuters expected a 1.1-million barrel drop.

September WTI Crude Oil Contract Closes Up $2.49, or 3%; Settles at $86.83 per Barrel

Sector Update: Energy Stocks Rise Premarket Wednesday

Energy stocks were rising premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 3.4% higher at $87.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.7% to $94.33 per barrel, and natural gas futures were up 1.4% at $2.91 per 1 million British Thermal Units.Equinor (EQNR) stock was up more than 5% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares were up more than 1% after the company said it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.Magnolia Oil & Gas (MGY) and its subsidiaries and affiliates plan to offer a total of $500 million in senior unsecured debt notes due 2034 in a private placement, the company said. Magnolia Oil & Gas stock was 0.3% lower premarket.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Ahead of Major Tech Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) retreated 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was down 1% in Wednesday's premarket activity, as investors awaited results from major technology companies.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.9% before the start of regular trading.Mortgage applications rose by 1.9% in the week ended July 17 despite an increase in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.In premarket action, bitcoin was down by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 1.3%, while the iShares US Healthcare ETF (IYH) slipped 0.6%. The iShares Biotechnology ETF (IBB) was 0.5% lower.Dyne Therapeutics (DYN) stock was down more than 8% premarket after the company priced an upsized secondary public offering of 18.3 million shares at $20.50 each.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.7%, the Vanguard Industrials Index Fund (VIS) lost 0.01%, and the iShares US Industrials ETF (IYJ) was 0.5% higher.GE Vernova (GEV) stock was down more than 1% before the opening bell after the company reported lower-than-expected Q2 earnings.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.6% higher.Cal-Maine Foods (CALM) shares were down more than 4% pre-bell after the company swung to a fiscal Q4 loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Banco Santander (SAN) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.3%, the iShares US Technology ETF (IYW) was 0.2% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 1.8%, while the iShares Semiconductor ETF (SOXX) was down 2.8%.Nvidia (NVDA) shares were down more than 1% in premarket activity after gaining nearly 2% at the prior close. Chief Executive Jensen Huang is expected to meet Samsung Electronics Chairman Jay Lee, SK Group Chairman Chey Tae-won and Naver founder Lee Hae-jin in the US this week for an artificial intelligence roundtable, according to news reports.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Shell (SHEL) stock was up more than 1% before market open following a 1.2% gain in the previous session. The company resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 3.4% to $87.24 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.7% to $2.91 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.8%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July advanced 1.3% to $4,128.70 an ounce on the Comex. Silver futures were up 0.9% to $59.64 an ounce. SPDR Gold Shares (GLD) increased 1.1%, and the iShares Silver Trust (SLV) was 1.4% higher.

Oil Climbs to Six-Week High as US-Iran Conflict, Red Sea Threats Elevate Supply Fears

Oil traded at a six-week high early Wednesday as the US continued attacks on Iran, keeping the Strait of Hormuz closed, while Yemen's Houthi militants threatened to block Saudi oil exports in the Red Sea.West Texas Intermediate crude for September delivery was last seen up $3.00, or 3.6%, at $87.34 per barrel, the highest level since June 10, while September Brent crude rose $3.41, or 3.8%, to $94.92.The gains came as the escalating conflict between the US and Iran kept the Strait of Hormuz closed. The Guardian reported that US forces launched strikes on Iran for an 11th consecutive night, targeting aircraft hangars and drone storage facilities.The conflict has blocked the Strait of Hormuz, the chokepoint for about 20% of global oil consumption supplied by Persian Gulf nations before the war began on Feb. 28. Just 14 ships transited the waterway over the past day, according to hormuzstraitmonitor.com, leaving about 400 vessels, including 120 tankers, stranded in the Gulf.Yemen's Houthi militants added to the supply worries with a threat to block the Bab el-Mandeb Strait, the southern end to the Red Sea, to restrict Saudi exports through the sea.Oil's "move reflects the ongoing US-Iran conflict, now in its 11th day, a Houthi threat to Red Sea shipping, and production shut-ins as Tropical Storm Bertha moves through the Gulf of Mexico, which pushed the Mars crude premium to around $2 a barrel over WTI, its strongest since early June", Saxo Bank noted.In its weekly survey, the American Petroleum Institute reported US oil inventories rose by 2.6-million barrels last week, while the consensus estimate expected a drop of 1.5-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.

Update: WTI Oil Rises Again as Fighting Between US and Iran Keeps Tankers Trapped in Persian Gulf

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil rose on Tuesday, climbing for a third straight session as fighting between Iran and the United States continues to constrain Persian Gulf supply.WTI crude oil for August delivery closed up $1.68, or 2%, to settle at $84.91 per barrel, while September Brent was last seen up $1.70, or 1.9%, to $90.92.The rise comes as fighting continues to block shipping in the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by countries in the region prior to the start of the war. The UK Maritime Trade Operations agency reported an attack on a vessel moving through the strait on Monday, forcing the crew to abandon ship.The renewed fighting has pushed oil up by 13% over the past month, as buyers hunt for supply and tankers wait to move through the strait. Hormuzstraitmonitor.com reported that just 13 ships moved through in the last day, with 142 tankers still waiting to move out of the region.A fresh threat to the market came on Monday, after Yemen's Houthi militant group threatened to close the Bab al-Mandab Strait at the southern end of the Red Sea, blocking Saudi Arabia's exports through the sea, pushing prices higher.Still, a Reuters report that mediators are proposing a 10-day ceasefire to renew negotiations between Iran and the US raised hopes the two sides may reach an agreement to end fighting."The move (higher) came from the Houthi maritime blockade on Saudi Arabia, a tenth consecutive day of US strikes on Iran and a tanker strike in the Strait of Hormuz. Crude gave some of that back overnight, with Brent easing 0.7% to around USD 88.55 as reports of a possible 10-day pause in strikes circulated," Saxo Bank wrote in a note.

August WTI Crude Oil Contract Closes Up $1.68, or 2%; Settles at $84.91 per Barrel

Oil Rises Again as Fighting Between US and Iran Keeps Tankers Trapped in Persian Gulf

Oil prices rose early on Tuesday, climbing for a third straight session as fighting between Iran and the U.S. continues to keep Persian Gulf supply constrained.West Texas Intermediate crude oil for August delivery was last seen up $1.07, or 1.3%, to $84.30 per barrel, while September Brent was up $1.43, or 1.6%, to $90.65.The rise comes as fighting continues to block shipping in the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by countries in the region prior to the start of the war. The UK Maritime Trade Operations agency reported an attack on a vessel moving through the strait on Monday, forcing the crew to abandon ship.The renewed fighting has pushed up oil by 13% over the past month, as buyers hunt for supply and tankers wait to move through the strait. Hormuzstraitmonitor.com reported just 13 ships moved through in the last day, with 142 tankers still waiting to move out of the region.A fresh threat to market came on Monday, after Yemen's Houthi militant group threatened to close the Bab al-Mandab Strait at the southern end of the Red Sea, blocking Saudi Arabia's exports through the sea, pushing prices higher.Still, a Reuters report that mediators are proposing a 10-day ceasefire to renew negotiations between Iran and the U.S. raised hopes the two sides may reach an agreement to end fighting."The move (higher) came from the Houthi maritime blockade on Saudi Arabia, a tenth consecutive day of US strikes on Iran and a tanker strike in the Strait of Hormuz. Crude gave some of that back overnight, with Brent easing 0.7% to around USD 88.55 as reports of a possible 10-day pause in strikes circulated," Saxo Bank wrote in a note.

Sector Update: Energy Stocks Edge Higher Premarket Tuesday

Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 2.2% higher at $85.05 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $90.92 per barrel, and natural gas futures were up 0.2% at $2.87 per 1 million British Thermal Units.Halliburton (HAL) reported flat Q2 adjusted earnings year on year, while revenue increased. Shares of Halliburton were down more than 3% pre-bell.Icahn Enterprises (IEP) has struck a deal to sell auto-service chain Pep Boys to private-equity-owned Mavis Tire Express Services for about $700 million in cash, The Wall Street Journal reported, citing unnamed people familiar with the matter. Icahn Enterprises shares were up 0.1% premarket.Chevron (CVX) halted output at its Petronius site and evacuated all workers to land ahead of Tropical Storm Bertha, the company said. Chevron stock was marginally higher premarket.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday as Semiconductor Recovery Supports Markets

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 1.3% in Tuesday's premarket activity, as semiconductor shares rebounded and investors welcomed reports of renewed efforts to broker a ceasefire between the US and Iran.US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures gaining 1.4% before the start of regular trading.State-level unemployment data for June will be released at 10:00 am ET.In premarket action, bitcoin was up by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.8% higher, Ether ETF (EETH) advanced 1.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 1.7%, and the iShares US Technology ETF (IYW) was 2.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased 3%, while the iShares Semiconductor ETF (SOXX) rose by 4%.Calix (CALX) shares were down more than 10% in premarket activity after the company reported overnight fiscal Q3 adjusted earnings forecast below market expectations, taking the shine off its Q2 beat.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) retreated marginally by 0.03%.Magnolia Oil & Gas (MGY) stock was down more than 5% before market open after the company priced its underwritten public offering of 46.3 million Class A shares at $23.75 per share.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, the Vanguard Industrials Index Fund (VIS) was inactive, and the iShares US Industrials ETF (IYJ) rose 2%.3M (MMM) stock was up 6.7% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.5%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) declined by 0.02%.Novartis (NVS) stock was up more than 3% premarket after the company reported higher-than-expected Q2 core earnings and net sales.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% higher.Columbia Financial (CLBK) shares traded down 3% in early-hours activity after the company said it completed its conversion from a mutual holding company structure and closed its previously announced $580 million acquisition of Northfield Bancorp.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated 0.01%.Genuine Parts (GPC) shares were down 6.2% pre-bell after the company reported higher Q2 adjusted earnings and net sales.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.6% to $84.55 per barrel on the New York Mercantile Exchange. Natural gas was up by 0.4% to $2.87 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2%, while the United States Natural Gas Fund (UNG) was 0.6% higher.Gold futures for July advanced 1.2% to $4,062.80 an ounce on the Comex. Silver futures were up 3.7% to $59.17 an ounce. SPDR Gold Shares (GLD) increased 1.3%, and the iShares Silver Trust (SLV) was 4.6% higher.

Update: WTI Oil Rises as Iran and the US Continue Fighting

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed higher Monday, with continuing fighting between Iran and the United States offsetting reports that talks between the two countries may resume.WTI crude oil for August delivery closed up $0.74, or 0.9%, to settle at $83.23 per barrel, while September Brent crude was last seen up $1.08, or 1.2%, to $89.18.The rise comes despite early reports that Iran remains open to a negotiated settlement to the war launched by the US and Israel on Feb. 28, The Guardian reported. Iranian officials said mediators continue to exchange messages aimed at ending the conflict, while US Secretary of State Marco Rubio said he is open to fresh talks.Fighting continued over the weekend, with Iran striking ships transiting the Strait of Hormuz and its Persian Gulf neighbors and the US attacking targets in Iran. The conflict has left ships trapped inside the Persian Gulf, disrupting traffic through the Strait of Hormuz, the key chokepoint for exports from Persian Gulf producers that supplied about one-fifth of global oil demand before the war.Shipping through the Strait has almost stalled amid the fighting, with hormuzstraitmonitor.com reporting just four ships have moved through the waterway over the past day, leaving 490 ships that included 175 tanker trapped and waiting for a peace deal that is likely to favor Iran."Little has changed from the underlying fundamentals prevailing earlier in the conflict. Iran's leaders fear a disadvantageous peace more than a disadvantageous war, risking a prolonged conflict even at greater long-term economic cost. A more constructive-leaning take on the recent fighting is that this represents a last-ditch US attempt to find a geopolitical hook to avoid a strategic defeat, before accepting a reopened Strait under some Iranian influence," wrote Erik Meyersson, Chief Emerging Markets Strategist at SEB Research.

August WTI Crude Oil Contract Closes Up $0.74, or 0.9%; Settles at $83.23 per Barrel

Sector Update: Energy Stocks Lean Lower Premarket Monday

Energy stocks were leaning lower premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.1%.The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 0.9% lower.Front-month US West Texas Intermediate crude oil was 0.1% lower at $82.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $88.32 per barrel, and natural gas futures were down 1% at $2.88 per 1 million British Thermal Units.BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy. Shares of BP were 0.6% lower pre-bell.Magnolia Oil & Gas (MGY) stock was 0.4% higher after the company said it has signed a definitive agreement to acquire WildFire Energy for about $4.06 billion, including debt and subject to customary purchase price adjustments.Halliburton (HAL) said it won a contract from Basra Oil Company to provide integrated field management and engineering, procurement and construction management services for the Bin Umar and Sindbad oil and gas fields in southern Iraq. Shares of Halliburton were up 0.5% premarket.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Key Earnings Reports

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.5%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1% in Monday's premarket activity, ahead of a pivotal week for corporate earnings.US stock futures were mixed, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.7% before the start of regular trading.The index of leading economic indicators for June will be released at 10:00 am ET.In premarket action, bitcoin was down by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% higher, Ether ETF (EETH) advanced 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Hut 8 (HUT) shares traded up 13% in early hours activity after the company said it has signed a second 15-year lease worth $9.8 billion for 352 megawatts of IT capacity at its Beacon Point data center campus in Nueces County, Texas, fully commercializing the site's 1-gigawatt utility capacity.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.3%.Fervo Energy Company (FRVO) stock was up more than 5% before market open after Jefferies upgraded the company to buy from hold.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.3%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was up 0.3%.Alibaba Group (BABA) shares were up more than 3% pre-bell after a 2% fall at Friday's close. Reuters reported Monday that Alibaba-backed Moonshot AI temporarily paused new subscriptions as high demand for its recent Kimi K3 model overloaded capacity.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, while the Vanguard Industrials Index Fund (VIS) was up 1.1% and the iShares US Industrials ETF (IYJ) was inactive.Elbit Systems' (ESLT) stock was up more than 2% before the opening bell after the company said its Elbit Systems of America unit received multiple contract awards worth more than $370 million from US Customs and Border Protection to enhance US national security.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1%, and the iShares US Technology ETF (IYW) was 1.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 1.9%, while the iShares Semiconductor ETF (SOXX) rose by 2.4%.Taiwan Semiconductor Manufacturing (TSM) shares were up more than 2% in premarket activity after Chief Financial Officer Wendell Huang said in a Sunday interview with CNBC that the company is accelerating the expansion of its Arizona chip manufacturing operations to capitalize on a multi-year artificial intelligence demand trend.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.01%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.3% higher.OKYO Pharma (OKYO) stock was up more than 1% premarket after the company said its cash position of around $20.6 million as of the end of March enables completion of a 111-patient phase 3 trial of its lead candidate, urcosimod, for the potential treatment of neuropathic corneal pain.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.5% to $82.12 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 0.5%, while the United States Natural Gas Fund (UNG) was 0.7% lower.Gold futures for July retreated 0.1% to $4,015.20 an ounce on the Comex. Silver futures were up 1.2% to $57.01 an ounce. SPDR Gold Shares (GLD) decreased 0.2%, and the iShares Silver Trust (SLV) was 1.1% higher.

Oil Falls on Reports Iran-US Talks May Resume Despite Continued Fighting

Oil prices fell early Monday on reports that talks between Iran and the US may resume, even as the two sides continued to exchange attacks.West Texas Intermediate crude for August delivery was last down $1.52, or 1.8%, at $80.97 a barrel, while September Brent crude fell $1.19, or 1.4%, to $86.91.The decline followed reports that Iran remains open to a negotiated settlement to the war launched by the US and Israel on Feb. 28, The Guardian reported. Iranian officials said mediators continue to exchange messages aimed at ending the conflict, while US Secretary of State Marco Rubio said he is open to fresh talks.Fighting still continued over the weekend, with Iran striking ships transiting the Strait of Hormuz and the US attacking targets in Iran. The conflict has left ships trapped inside the Persian Gulf, disrupting traffic through the Strait of Hormuz, the key chokepoint for exports from Persian Gulf producers that supplied about one-fifth of global oil demand before the war.Shipping through the Strait has almost stalled amid the fighting, with hormuzstraitmonitor.com reporting just four ships have moved through the waterway over the past day, leaving 490 ships, including 175 tankers, trapped and waiting for a peace deal that is likely to favor Iran."Little has changed from the underlying fundamentals prevailing earlier in the conflict. Iran's leaders fear a disadvantageous peace more than a disadvantageous war, risking a prolonged conflict even at greater long-term economic cost. A more constructive-leaning take on the recent fighting is that this represents a last-ditch US attempt to find a geopolitical hook to avoid a strategic defeat, before accepting a reopened Strait under some Iranian influence," Erik Meyersson, Chief EM Strategist at SEB Research wrote.

Update: WTI Oil Rises as Fresh Middle East Fighting Keeps the Strait of Hormuz Closed

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed at a five-week high on Friday as fresh fighting between the US and Iran kept the Strait of Hormuz closed.WTI crude oil for August delivery closed up 4.5% to settle at $82.49 per barrel, the highest since June 12, while September Brent crude was last seen up 4.4% to $87.96.The gains followed reports that US forces struck bridges around Iran's port city of Bandar Abbas, according to The Wall Street Journal. Iran responded with attacks on neighboring countries and strikes on ships in the Persian Gulf.The fresh fighting is keeping the Strait of Hormuz closed, the chokepoint for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. About 285 ships remain trapped in the Persian Gulf, according to hormuzstraitmonitor.com, with 10 ships moving through the Strait in the past day."Crude oil extended its rally, with Brent climbing back above USD 85 a barrel as energy and refined fuel flows through the Strait of Hormuz continues to slow amid the escalating conflict between the US and Iran. The renewed disruption has interrupted the recent recovery in regional supply, reviving concerns about tighter global markets," Saxo Bank noted.

August WTI Crude Oil Contract Closes Up $3.54, or 4.5%; Settles at $82.49 per Barrel

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 3.1% and the United States Natural Gas Fund (UNG) was 0.2% higher.Front-month US West Texas Intermediate crude oil was 3.2% higher at $81.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $86.77 per barrel, and natural gas futures were up 1.4% at $2.90 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said, citing a senior company executive. Chevron shares were up more than 1% pre-bell.

Oil Rises as Fresh Middle East Fighting Keeps the Strait of Hormuz Closed

Oil traded higher early on Friday as fresh fighting between the US and Iran kept the Strait of Hormuz closed.West Texas Intermediate crude oil for August delivery was last seen up 2.5% at $80.94 per barrel, while September Brent crude was up 2.3% at $86.16.The gains followed reports that the US struck bridges around Iran's port city of Bandar Abbas, according to The Wall Street Journal. Iran responded with attacks on neighboring countries and strikes on ships in the Persian Gulf.The fresh fighting is keeping the Strait of Hormuz closed, the chokepoint for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. About 285 ships remain trapped in the Persian Gulf, according to hormuzstraitmonitor.com, with 10 ships moving through the Strait in the past day."Crude oil extended its rally, with Brent climbing back above USD 85 a barrel as energy and refined fuel flows through the Strait of Hormuz continues to slow amid the escalating conflict between the US and Iran. The renewed disruption has interrupted the recent recovery in regional supply, reviving concerns about tighter global markets," Saxo Bank noted.