United States Oil Fund

Oil Hits Four-Month Low as Strait of Hormuz Shipping Resumes

Oil traded at a four-month low early Friday as ships resumed moving through the Strait of Hormuz, easing concerns over supply disruptions in the Persian Gulf following the outbreak of the Iran conflict on Feb. 28.West Texas Intermediate crude oil for August delivery was last seen down 2.4% at US$70.22 per barrel, the lowest since Feb. 27, while August Brent crude fell 2.7% to US$73.20 per barrel.The decline came after shipping through the Strait of Hormuz resumed, a day after reports that Iran had attacked a vessel transiting the waterway in Omani waters. The incident prompted the International Maritime Organization to suspend an evacuation plan for ships stranded in the Persian Gulf.However ships are again moving through the Strait, with hormuzstraitmonitor.com reporting 62 ships have moved out of the Gulf in the past day, easing the largest ever energy supply shock that began when Iran blocked the international waterway at the start of the war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman. The mini tsunami of released barrels is weighing on the front end of the futures curve," Saxo Bank noted.

Update: WTI Rises as Shipping Through the Strait of Hormuz Suspended

West Texas Intermediate (WTI) crude oil closed higher on Thursday, rising off a four-month low after reports a cargo ship was attacked near Oman, raising safety worries that could again keep ships trapped in the Persian Gulf.WTI crude oil for August delivery close up 2.3% to settle at US$71.92 per barrel after earlier touching US$68.90, August Brent oil was last seen up 2.1% to US$72.28.UK Maritime Trade Operations on Thursday said the International Maritime Organization is suspending traffic through the Strait of Hormuz following reports a cargo vessel in the Strait was attacked. There was no indication when the Strait will be reopened.U.S. Energy Secretary Chris Wright on Wednesday told a conference that ships carrying 20-million barrels of oil had transited the Strait since the Iran and the U.S. declared a 60-day ceasefire last week, raising supply form Gulf producers, including Iran, which has been freed from the U.S. sanctions.The eventual return of Gulf supply is expected to normalize markets after the war produced the largest-ever oil supply shock and depleted global inventories, returning the focus to waning demand amid the energy transition."The reopening of the Strait of Hormuz has created a short-term wave of supply, pushing prices back toward levels that may prove difficult to sustain once the backlog of stranded barrels has cleared and releases from strategic reserves are scaled back. Longer term, however, slower demand growth driven by electrification and fuel switching may continue to cap upside potential," Saxo Bank noted.

August WTI Crude Oil Contract Closes Up 2.3%; Settles at US$71.92 per Barrel

Sector Update: Energy Stocks Lower Pre-Bell Thursday

Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) losing 0.4%.The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 2% higher.Front-month US West Texas Intermediate crude oil was down 0.3% to $70.14 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.2% to $73.75 per barrel, and natural gas futures were 2.1% higher at $3.29 per 1 million British Thermal Units.TotalEnergies (TTE) stock was down 0.9% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.BP (BP) shares were down 0.7%, extending losses from the 3.7% decline at the prior close. India's state-run ONGC said it signed a technical services contract with BP to boost crude oil and natural gas production across 43 blocks in the country's Western Offshore Basin.Enerflex (EFXT) stock gained 0.5% after the company signed an updated agreement that extends the expiration of its revolving credit facility by three years to mid-2029.

Sector Update: Energy

Energy stocks were mostly lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) losing 0.6%.The United States Oil Fund (USO) was down 0.5%, while the United States Natural Gas Fund (UNG) was 2.4% higher.Front-month US West Texas Intermediate crude oil was down 0.9% to $69.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 1% to $73.02 per barrel, and natural gas futures were 2.1% higher at $3.29 per 1 million British Thermal Units.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 4% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.

Oil Falls Again on Rising Supply as Tankers Continue to Leave the Persian Gulf

Oil traded at a fresh four-month low early on Thursday, returning to pre-war levels as tankers continue to leave the Persian Gulf following the reopening of the Strait of Hormuz.West Texas Intermediate crude oil for August delivery was last seen down 0.7% to US$69.54 per barrel, the lowest since Feb. 27, the day before the U.S. and Israel launched their war on Iran, while August Brent oil was down 0.8% to US$73.13.U.S. Energy Secretary Chris Wright on Wednesday told a conference that ships carrying 20-million barrels of oil had transited the Strait since the two countries declared a 60-day ceasefire last week, raising supply form Gulf producers, including Iran, which has been freed from the U.S. sanctions.The return of Gulf supply is expected to normalize markets after the war produced the largest-ever oil supply shock and depleted global inventories, returning the focus to waning demand amid the energy transition."The reopening of the Strait of Hormuz has created a short-term wave of supply, pushing prices back toward levels that may prove difficult to sustain once the backlog of stranded barrels has cleared and releases from strategic reserves are scaled back. Longer term, however, slower demand growth driven by electrification and fuel switching may continue to cap upside potential," Saxo Bank noted.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Investors Embrace AI Growth Themes, Reduced Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Thursday's premarket activity, as investors welcomed signs of stability in the Middle East, while technology shares rallied on expectations for continued AI spending.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 2.1% before the start of regular trading.Reports releasing at 8:30 am ET include the personal income and outlays report for May, the third and final estimate report of Q1 gross domestic product, the weekly jobless claims bulletin, the durable goods orders report, and the Chicago Fed national activity index, both for last month.The Kansas City Fed manufacturing index for June posts at 11 am ET.New York Fed President John Williams and Chicago Fed President Austan Goolsbee are slated to speak on Thursday.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was flat, and the iShares Biotechnology ETF (IBB) was up 0.1%.Bio-Techne (TECH) stock rose more than 19% premarket after the company signed a definitive agreement to be acquired by Germany's Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.8%, and the iShares US Technology ETF (IYW) was 3.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 4.4%, while the iShares Semiconductor ETF (SOXX) rose by 5.1%.Micron Technology (MU) shares were up over 17% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was marginally lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 11% pre-bell after the company reported lower Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 1.7% and the iShares US Industrials ETF (IYJ) was flat.MDA Space (MDA) stock was up 2.7% before the opening bell after the company said it would provide digital payload, antennas, and subsystems for Japan's defense communications satellite program under contracts from Mitsubishi Electric.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) fell 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Barclays (BCS) shares traded up 2% in early hours activity after the company said that the projected capital ratios for its US business remained above the regulatory minimum levels across all nine quarters of the Federal Reserve's stress test.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.7% to $69.84 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.3% higher.Gold futures for July were down by 0.2% to $4,000.90 an ounce on the Comex. Silver futures retreated by 1.3% to $57.74 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 0.1% higher.

Update: WTI Oil Falls to Prewar Levels as Trapped Tankers Begin Leaving Persian Gulf

(Updates prices in the second paragraph and adds the latest US inventory data in the final paragraph.)West Texas Intermediate (WTI) crude oil fell for a fourth straight session on Wednesday as tankers trapped in the Persian Gulf due to the U.S-Iran war continued to move through the Strait of HormuzWTI crude oil for August delivery closed 4.9% lower to settle at US$70.34 per barrel, the lowest since Feb. 27, while August Brent oil was last seen down 4.4% to US$73.71.The International Marine Organization on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the US and the maritime industry, with ships being notified of their place in the queue.Sanctions on Iran have been lifted by the US, freeing full production from OPEC's No.3 oil producer and reassuring traders that the largest-ever supply shock is ending as output from the Persian Gulf nations that supplied a fifth of the world's energy demand begin to return to market."The market is increasingly pricing a steady return of stranded supply following one of the most severe disruptions in recent history," Saxo Bank said. "UAE exports have already recovered to around 85% of pre-war levels, adding to expectations of improving supply availability in the weeks ahead."Still, US inventories continue to fall.The Energy Information Administration said domestic commercial oil inventories fell by 6.1 million barrels last week, leaving stocks 7% below the five-year average, while the Strategic Petroleum Reserve fell by 9.1 million barrels.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Easing US-Iran Tensions

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 0.8% in Wednesday's premarket activity, amid easing tensions between the US and Iran.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.6% before the start of regular trading.Mortgage applications rose by 1% in the week ended June 19 due to a small gain in refinancing activity, partially offset by a modest drop in new home applications as 30-year fixed mortgage rates decreased slightly, according to Mortgage Bankers Association data released Wednesday.New home sales activity for May will be released at 10:00 am ET, followed by the weekly crude oil stocks data at 10:30 am ET.In premarket action, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% higher, Ether ETF (EETH) advanced 0.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1%, while the Vanguard Industrials Index Fund (VIS) gained 1.2% and the iShares US Industrials ETF (IYJ) was inactive.FedEx (FDX) stock was down more than 7% before the opening bell after the company reported that the fiscal Q4 operating margin for its core delivery segment, Express, fell to 7.7% from 8.4% a year earlier.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was 0.8% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.4%.MoonLake Immunotherapeutics (MLTX) stock was down more than 7% premarket a day after the company priced a public offering of 9 million shares at $20 each and warrants to purchase up to 1 million shares at $19.9999 each.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.01%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.1%, and the iShares US Consumer Staples ETF (IYK) was 2.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.3%.PulteGroup (PHM) shares were down more than 2% pre-bell. The company's Chief People Officer, Kevin Henry, surrendered 2,093 shares on June 22 to satisfy tax withholding obligations related to vested stock awards, leaving him with direct ownership of 12,580 shares, according to a regulatory filing with the US Securities and Exchange Commission on Tuesday.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.ProAssurance (PRA) shares traded up 1% in early hours activity after the company said late Tuesday that it has received all required regulatory approvals for its planned merger with The Doctors Company, clearing the final major hurdle for the transaction.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.7%, and the iShares US Technology ETF (IYW) was 0.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 1.4%, while the iShares Semiconductor ETF (SOXX) rose by 1.3%.Qualcomm (QCOM) shares were up more than 1% in premarket activity after the company said it has agreed to acquire Modular to bolster its software foundation for generative and agentic artificial intelligence applications.EnergyThe iShares US Energy ETF (IYE) was down 0.5%, while the State Street Energy Select Sector SPDR ETF (XLE) declined by 1.1%.Baker Hughes (BKR) stock was up more than 1% before market open after the company signed a new commercial agreement with Mantle Reach Power for the large-scale deployment of geothermal energy in North America.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.9% to $71.12 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.5% to $3.20 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3%, while the United States Natural Gas Fund (UNG) was 0.9% higher.Gold futures for July were down by 3% to $4,025.80 an ounce on the Comex. Silver futures retreated by 5.2% to $59.27 an ounce. SPDR Gold Shares (GLD) declined by 2.6%, and the iShares Silver Trust (SLV) was 4.7% lower.

Oil Falls to Pre-War Lows as Trapped Tankers Begin Leaving the Persian Gulf

Oil prices continued to fall early on Wednesday, dropping for a fourth-straight session as tankers trapped in the Persian Gulf due to the U.S-Iran war continue to move through the Strait of Hormuz, while the drop in U.S. inventories eased last week.West Texas Intermediate crude oil for August delivery was last seen down 2.9% to US$71.06 per barrel, the lowest since the war began on Feb. 28, while August Brent oil was down 3% to US$74.78.The International Marine Organization on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the U.S. and the maritime industry, with ships being notified of their place in the queue.As well, sanctions on Iran have been lifted by the US, freeing up full production from OPEC's number three oil producer and reassuring traders that the largest-ever supply shock has come to an end as output from the Persian Gulf nations that supplied a fifth of the world's energy demand return to market."The market is increasingly pricing a steady return of stranded supply following one of the most severe disruptions in recent history. UAE exports have already recovered to around 85% of pre-war levels, adding to expectations of improving supply availability in the weeks ahead," Saxo Bank noted.The fall in U.S. oil inventories is also slowing, with the American Petroleum Institute on Tuesday reporting stocks dipped by just 0.77-million barrels last week, down from a fall of 8.33-million barrels a week prior and the tenth-straight weekly drop. The Energy Information Administration will release official inventory data later on Wednesday morning.

Update: WTI Oil Falls to a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

(Updates oil prices in the second paragraph and details the evacuation plan for the Strait of Hormuz in paragraphs four and five.)West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran.WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.The United States on Monday granted Iran a 60-day sanctions waiver, boosting the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz.The International Marine Organization (IMO) on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the United States and the maritime industry, with ships being notified of their place in the queue."After months of hardship and distress for thousands of innocent seafarers, and negative impact for the whole world, I welcome with deep satisfaction the peace agreement concluded between the United States and Iran, marking a decisive step towards restoring maritime security and bringing to an end the unacceptable attacks against civilian shipping," IMO Secretary-General Mr. Arsenio Dominguez said in a statement.

Oil Falls to the to a a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

Oil edged down early Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz after the US and Iran continue peace talks and the US gave Iran a 60-day export-sanctions waiver.West Texas Intermediate crude oil for August delivery was last seen down US$0.48 to US$73.38 per barrel, the lowest since March 2, while August Brent oil was down US$0.54 to US$77.36.The US on Monday granted Iran a 60-day sanctions waiver, freeing up the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz. The New York Times reported 109 ships have moved through the Strait since the weekend agreement between the two countries."Brent crude trades near USD 77.50 and is lower for a second day as US-Iran talks continue. Additional pressure followed the US decision to issue a 60-day sanctions waiver, allowing limited sales of Iranian crude and refined products. The move should facilitate the export of some of the estimated 30 million barrels that left Iranian ports last week. Meanwhile, shipping data showed millions of barrels of crude and fuel products transited the Strait of Hormuz over the weekend, reinforcing expectations of improving regional supply flows," Saxo Bank noted.

Sector Update: Energy Stocks Slightly Higher Pre-Bell Tuesday

Energy stocks slightly rose pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) marginally higher.The United States Oil Fund (USO) was down 1.2% and the United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.2% lower at $73.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.5% to $77.54 per barrel, and natural gas futures were down 1.3% at $3.21 per 1 million British Thermal Units.Phillips 66 (PSX) has partnered with Kanin Energy on a 7-megawatt waste heat-to-power project at its Mewbourn natural gas processing complex in Platteville, Colorado, Kanin Energy said. Phillips 66 stock was 0.1% higher premarket.Baker Hughes (BKR) has secured a lifecycle and digital services contract to support turbomachinery operations at ANOH Gas Processing's plant in Nigeria, the oilfield services firm said. Baker Hughes shares were down 0.4% pre-bell.Dorian LPG (LPG) shares were marginally higher after the company said it has signed an agreement to build one Very Large Gas Carrier, or VLGC, and reached separate memoranda of understanding to sell three VLGCs.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday as AI Spending Concerns Weigh on Technology Shares

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1.4%, and the actively traded Invesco QQQ Trust (QQQ) retreated 3% in recent Tuesday premarket activity, amid a broad technology selloff fueled by concerns over borrowing costs and heavy spending on artificial intelligence infrastructure.US stock futures were also lower, with S&P 500 Index futures down 1.4%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 3% before the start of regular trading.The S&P Global flash readings for June manufacturing and services conditions are due to be released at 9:45 am ET.The state-level unemployment data for May and the Richmond Fed's services and manufacturing readings for June will be released at 10:00 am ET.In premarket action, bitcoin was down by 4.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.4% lower, Ether ETF (EETH) retreated by 5.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 3.8%, and the iShares US Technology ETF (IYW) was 3.5% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 5.8%, while the iShares Semiconductor ETF (SOXX) fell by 7%.International Business Machines (IBM) shares were up more than 4% in recent premarket activity after the company said it joined the OpenAI Daybreak Cyber Partner program.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was down 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) retreated by 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Robinhood Markets (HOOD) shares traded down 5.6% in early hours activity after the online investment platform priced a private $2 billion offering of non-interest-bearing senior convertible notes, due Oct. 1, 2029.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was gaining by 0.2%, and the iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.9%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.6%.Tesla (TSLA) shares were down 2.7% pre-bell, following a 1.1% gain at the previous day's close. NatPower said it has signed a multiyear supply and execution deal with Tesla for more than 25 gigawatt-hours of battery energy storage systems in Italy and the UK.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.7%, the Vanguard Health Care Index Fund (VHT) was up 0.4%, while the iShares US Healthcare ETF (IYH) was up 2%. The iShares Biotechnology ETF (IBB) was down 0.7%.Natera (NTRA) stock was down more than 2% premarket, extending the 1.1% decline at the prior close. The company said it has received a Category 1 recommendation from the National Comprehensive Cancer Network for Signatera-guided adjuvant atezolizumab treatment in patients with muscle-invasive bladder cancer.EnergyThe iShares US Energy ETF (IYE) was down 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.Energy Fuels (UUUU) stock was down more than 2% before market open after the company agreed to acquire Germany's Vaccumschmelze and associated business and subsidiaries from Ara Partners for $1.9 billion in cash and stock.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) declined by 1.2%, while the Vanguard Industrials Index Fund (VIS) was up less than 0.1% and the iShares US Industrials ETF (IYJ) was flat.A. O. Smith (AOS) stock little changed before the opening bell. The company said its board has elected Stephen Shafer, president and chief executive officer, as chairman, effective July 1, after Executive Chairman Kevin Wheeler retires.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.3% to $73.60 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.6% to $3.20 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Gold futures for July were down by 1.6% to $4,134.70 an ounce on the Comex. Silver futures retreated by 5.1% to $62.21 an ounce. SPDR Gold Shares (GLD) declined by 2%, and the iShares Silver Trust (SLV) was 4.9% lower.

Update: WTI Oil Trading Near Four-Month Low as Talks Between US, Iran Progress

(Updates prices in the second paragraph and adds detail on the US waiver for Iranian exports in paragraph four.)West Texas Intermediate (WTI) closed at the lowest in more than three months on Monday as talks between Iran and the United States are progressing, raising hopes the Strait of Hormuz could fully reopen and allow Persian Gulf energy exports to flow more freely, and the United States lifted sanctions on Iran's oil exports.WTI crude oil for July delivery closed down 2.3% to settle at US$74.82 per barrel, the lowest since March 4, while August Brent oil was last seen down 3.6% to US$77.70.US Vice President JD Vance said technical talks aimed at formalizing last week's memorandum of understanding between the United States and Iran are progressing well, despite threats directed at Iran that President Donald Trump posted on social media over the weekend.A deal between the two countries could fully reopen the Strait of Hormuz, the chokepoint for exports from the Persian Gulf nations that supplied a fifth of daily oil demand prior to the Feb. 28 start to the war. Tankers have started moving through the waterway and Iran has resumed exports. The United Arab Emirates, Kuwait and Iraq reportedly promised to deliver more oil to customers.The US Treasury Department on Monday granted Iran a 60-day waiver to freely export oil and petrochemicals, and to collect payments in US dollars.

Sector Update: Energy Stocks Decline Premarket Monday

Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 1.8% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 1.5% lower at $74.72 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.1% to $78.85 per barrel, and natural gas futures were up 1.3% at $3.27 per 1 million British Thermal Units.Chevron (CVX) said it has signed a 20-year agreement with Microsoft (MSFT) to supply natural gas-fired power for a planned West Texas data center campus. Chevron shares were up 0.6% pre-bell.Baker Hughes (BKR) and Chart Industries (GTLS) confirmed that they are in talks with the European Commission over "possible commitments" for the Commission's approval of the companies' acquisition transaction, Chart Industries said in a filing. Baker Hughes stock was 0.3% lower premarket.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Amid Continued US-Iran Talks

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) advanced 0.2% in Monday's premarket activity, as traders focused on continuing US-Iran talks for a potentially positive outcome.US stock futures were higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average up 0.01%, and Nasdaq futures gaining 0.3% before the start of regular trading.Federal Reserve Governor Christopher Waller is slated to speak on Monday.In premarket action, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.6% higher, Ether ETF (EETH) advanced 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.02%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.2%, while the iShares US Healthcare ETF (IYH) advanced by 0.03%. The iShares Biotechnology ETF (IBB) was 0.8% higher.Apogee Therapeutics (APGE) stock rose more than 47% premarket after AbbVie (ABBV) agreed to acquire Apogee for $135.11 per share in cash for a total equity value of $10.9 billion. AbbVie shares were 1.1% higher.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, while the Vanguard Industrials Index Fund (VIS) retreated 0.7% and the iShares US Industrials ETF (IYJ) was 0.5% lower.SpaceX (SPCX) stock was down by nearly 4% before the opening bell following a 3.6% fall at the prior close. The Financial Times reported Sunday that the company was assigned MSCI's lowest possible ESG rating, triple-C, just ahead of its $75 billion initial public offering earlier this month.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.7%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Maplebear (CART) shares were down 2% pre-bell after closing Friday with a 4% rise. The company said Monday it launched a short-form vertical video feature that allows users to browse and shop meal and recipe content within retailer storefronts on its platform.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. 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.Robinhood Markets (HOOD) shares traded down 2% in early hours activity after the company said it plans to offer $2 billion worth of convertible senior notes due 2029 in a private placement.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 2.2%, while the iShares Semiconductor ETF (SOXX) rose by 1.3%.ServiceNow (NOW) shares were down more than 1% in premarket activity. The company said it has teamed up with Inspira Enterprise to offer the full suite of ServiceNow capabilities to enterprises worldwide through the IT services and consulting firm's platform.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.1%.CMB.TECH (CMBT) stock was up more than 2% before market open after the company said it will charter up to 12 shipping vessels capable of being powered by ammonia to Fortescue, an Australian metals and green-energy enterprise.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.9% to $75.17 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.2% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.6%, while the United States Natural Gas Fund (UNG) was 2% higher.Gold futures for July were down by 0.5% to $4,223.20 an ounce on the Comex. Silver futures advanced by 0.1% to $66.84 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 1.1% higher.

Oil Trading at Near a Four-Month Low as Talks Between the U.S. and Iran Progress

Oil prices weakened early Monday on reports that talks between Iran and the United States are progressing, raising hopes the Strait of Hormuz could fully reopen and allow Persian Gulf energy exports to flow more freely.West Texas Intermediate crude oil for July delivery was last seen down 1.1% to US$75.05 per barrel, the lowest since March 4, while August Brent oil was down 2% to US$78.97.The Guardian reported that U.S. Vice President JD Vance said technical talks aimed at formalizing last week's memorandum of understanding between the United States and Iran are progressing well, despite threats directed at Iran that U.S. President Donald Trump posted on social media over the weekend.A deal between the two countries could fully reopen the Strait of Hormuz, the chokepoint for exports from the Persian Gulf nations that supplied a fifth of daily oil demand prior to the Feb. 28 start to the war. Reuters reported tankers have begun moving through the waterway, with Iran beginning to resume exports while the United Arab Emirates, Kuwait and Iraq are promising to deliver more oil to customers."Despite a bumpy start, with Trump issuing fresh warnings towards Iran and Tehran responding with renewed threats to close the Strait of Hormuz, negotiations nevertheless showed signs of progress. The market continues to price in the prospect of an eventual reopening of the Strait and the release of millions of barrels currently stranded in the Persian Gulf.," Saxo Bank noted.

Oil Edges Up as the U.S. and Iran Suspend Peace Talks Amid Fresh Israeli Attacks in Lebanon

Oil prices edged higher early Friday as the postponement of U.S.-Iran talks and renewed hostilities between Israel and Hezbollah in Lebanon raised concerns about stability in the Middle East and the durability of a recently reached ceasefire.West Texas Intermediate crude oil for July delivery was last seen up 0.7% to US$77.14 per barrel, while August Brent oil was up 0.2% to US$80.05.Talks between Iran and the United States were halted as Iran objected to Israel's continuing attacks in Lebanon, with the New York Times reporting Israel struck 80 targets in Lebanon Friday, killing and injuring dozens. Israeli Prime Minister Benjamin Netanyahu has refused to be bound by the terms of the U.S.-Iran memorandum of understanding (MOU) reached on Wednesday that included a demand the country halt its attacks on its northern neighbor, threatening progress on negotiations to end the U.S. war on Iran.Planned talks between Iran and the United States in Switzerland were suspended due the heightened violence in Lebanon. However despite that, tankers trapped in the Gulf since the start of the war are still readying to move through the Strait of Hormuz as Iran ended its blockade of the key waterway, the chokepoint for Persian Gulf oil exports that supplied a fifth of daily oil demand."US-Iran talks will not begin on Friday after Israel reportedly refused to withdraw from Lebanon and halt attacks, a move Tehran claims violates the MOU's first clause. While flows through the Strait appear set to resume following the lifting of blockades, the latest developments highlight how fragile the agreement remains," Saxo Bank noted.

Update: WTI Oil Falls as US, Iran Sign Preliminary Peace Deal

(Updates benchmark oil prices in the second paragraph.)West Texas Intermediate (WTI) crude closed lower Thursday after Iran and the US signed a preliminary ceasefire deal that promises to reopen the Strait of Hormuz, freeing supply from Iran and the Persian Gulf nations that has been blocked since the war started on Feb. 28.WTI crude oil for July delivery closed down less than 0.1% to settle at US$76.60 per barrel, rising off session lows of US$73.58, while August Brent oil was up by less than 0.1% to US$79.27.The US and Iran last weekend reached a deal to end the war that has blocked the strait, a narrow waterway through which 25% of the world's seaborne oil passes, since the end of February.The two countries on Wednesday signed a 14-point memorandum of understanding, which starts a 60-day negotiation period in which negotiators hope to hammer out a permanent agreement."Attention has now shifted to the pace at which traffic through the Strait of Hormuz can recover. An estimated 100 million barrels of crude and refined products are already loaded on tankers and waiting to leave the Gulf, while regional producers are taking steps to restart shut-in production," Saxo Bank said.The Energy Information Administration on Wednesday said US oil stocks fell by 8.3 million barrels last week, the eighth-straight weekly drop.