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Crude Oil Prices Jump as U.S.-Iran Ceasefire Appears Fragile

Crude oil prices surged on Monday amid concerns about the fragility of the ceasefire between the U.S. and Iran affecting flows through the Strait of Hormuz.Brent crude at last look gained 5% to US$94.92/barrel and West Texas Intermediate crude rose 6% to $88.89/barrel. This comes after the U.S. seized an Iranian cargo ship, and despite Iran's declaration that the Strait of Hormuz will be opened through the ceasefire, tankers have been fired upon by the Islamic Revolutionary Guard Corps, Reuters reported Monday, citing analysts."Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in," Reuters quoted Sparta Commodities analyst June Goh as saying.Iran said it would not participate in a second round of negotiations that the U.S. had hoped to start before the two-week ceasefire expires this week, igniting fears of a resumption in hostilities, the report said.

$CLX1$LCOX1$USO

Sectors112d ago

Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index popped 3.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) rose 2.8% to $77,288, and the yield for 10-year US Treasuries dropped 6.3 basis points to 4.246%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Ally Financial (ALLY) shares jumped past 8%. The company reported Q1 adjusted earnings of $1.11 per diluted share, up from $0.58 a year earlier, and above the FactSet consensus estimate of $0.93.Fifth Third Bancorp (FITB) shares rose 1.7% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares gained 2.4%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 2.7%.

$ALLY$APO$ARES$BCS$BX$DB$FITB$JPM$TFC

Sectors112d ago

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were sharply lower late Friday afternoon, with the NYSE Energy Sector Index dropping 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) falling 2.8%.The Philadelphia Oil Service Sector Index declined 1.1%, and the Dow Jones US Utilities Index decreased 0.5%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 11% to $84.23 a barrel, and the global benchmark Brent crude contract dropped 9.2% to $90.28 a barrel. Henry Hub natural gas futures rose 1.2% to $2.68 per 1 million BTU.In corporate news, Chevron (CVX), Exxon Mobil (XOM) and other major oil companies received backing from the US Supreme Court on Friday as the court ruled that lawsuits filed by Louisiana officials accusing them of harming the state's coastal areas should be transferred out of the state courts and into federal court, according to a court document. Chevron shares were down 2.1%, and Exxon shed 3.6%.An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil, Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Shell shares dropped 4%, TotalEnergies shed 4.1%, and Eni fell 5.6%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 4.9%.Exelon (EXC) shares fell 1.2% after multiple brokerages downgraded the energy provider.

$CVX$E$EXC$PBR$SHEL$TTE$XOM

Sectors112d ago

Sector Update: Health Care Stocks Advance Late Afternoon

Health care stocks climbed late Friday afternoon, with the NYSE Health Care Index rising 1.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.5%.The iShares Biotechnology ETF (IBB) gained 1.6%.In corporate news, Abbott Laboratories' (ABT) end-markets remain healthy despite a lower 2026 organic revenue guidance amid fiscal Q1 challenges and mixed performance, RBC Capital Markets said in a note. Abbott shares rose 1.7%.Merck (MRK) shares added 2.8% after it said Friday that the European Commission has approved Enflonsia to prevent respiratory tract disease in newborns and infants.Kura Oncology (KURA) shares jumped past 9% after it said Friday that new preliminary data from a subset analysis of patients with clear cell renal cell carcinoma previously treated with cabozantinib showed "robust" antitumor activity in an ongoing clinical trial of darlifarnib in combination with cabozantinib.Psyence Biomedical (PBM) shares surged 30% after it acknowledged recent reports saying that the US administration is preparing an executive order to further evaluate the safety and therapeutic potential of ibogaine, a naturally occurring compound being studied for its potential in treating post-traumatic stress disorder, addiction, and other serious neurological and mental health conditions. Through its investment in PsyLabs, Psyence has established a position in the manufacturing of ibogaine and ibogaine derivatives, it said.

$ABT$KURA$MRK$PBM

Sectors112d ago

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 2.1%.The Philadelphia Semiconductor index climbed 1.9%.In corporate news, Palantir (PLTR), Thales, and Air Space Intelligence were selected by the US Federal Aviation Administration to compete on a new AI tool for air traffic management, Bloomberg reported. Palantir shares rose 2.8%.Apple (AAPL) recorded a 20% year-over-year increase in smartphone shipments in China during Q1 to become the second-largest seller in the country, Counterpoint Research said Friday. Apple shares climbed 2.7%.Amazon-backed (AMZN) Anthropic Chief Executive Dario Amodei is set to meet on Friday with White House Chief of Staff Susie Wiles for talks that could set the stage for federal agencies to eventually start using Mythos, the company's new AI model, Bloomberg reported. Amazon shares were up 0.4%.Bandwidth (BAND) shares jumped past 11% after B. Riley raised its price target to $27 from $20 while keeping its buy rating.

$AAPL$AMZN$BAND$PLTR

Sectors112d ago

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 2.4%.In corporate news, Lululemon Athletica's (LULU) billionaire founder Chip Wilson is starting a business focused on small athletic brands, Bloomberg reported. Wilson has hired an operating partner to be part of the new venture, which will include new brands and existing small brands, the report said. Lululemon shares were up 2.7%.Sony (SONY) and Honda's (HMC) 50-50 joint venture has decided to explore other opportunities to make the venture work after canceling plans for their proposed co-developed electric vehicle, Nikkei Asia reported Friday. The two companies are discussing non-EV products and services as alternatives and expect other uses for their EV technologies, the report said. Sony shares rose 1.4%, and Honda climbed 2.8%.Netflix (NFLX) shares dropped more than 9% after it released Q2 guidance late Thursday below market consensus. The streaming company also said that its Chairman and Co-founder Reed Hastings plans to step down when his term ends in June.Autoliv's (ALV) Q1 results exceeded Wall Street's estimates, while the Swedish automotive safety supplier affirmed its full-year outlook on Friday amid an uncertain business environment. Its shares jumped past 7%.

$ALV$HMC$LULU$NFLX$SONY

Sectors112d ago

Sector Update: Financial

$ALLY

Sectors112d ago

Sector Update: Energy

Energy stocks were sharply lower late Friday afternoon, with the NYSE Energy Sector Index dropping 3.5% and the State Street Energy Select Sector SPDR ETF (XLE) falling 2.8%.The Philadelphia Oil Service Sector Index declined 1%, and the Dow Jones US Utilities Index decreased 0.6%.Front-month West Texas Intermediate crude oil slumped 10% to $84.78 a barrel, and the global benchmark Brent crude contract dropped 8.6% to $90.82 a barrel. Henry Hub natural gas futures rose 1.2% to $2.68 per 1 million BTU.In corporate news, Exelon (EXC) shares fell 1.5% after multiple brokerages downgraded the energy provider.

$EXC

Sectors112d ago

Sector Update: Health Care

Health care stocks climbed late Friday afternoon, with the NYSE Health Care Index rising 1.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.4%.The iShares Biotechnology ETF (IBB) advanced 1.4%.In corporate news, Abbott Laboratories' (ABT) end-markets remain healthy despite a lower 2026 organic revenue guidance amid fiscal Q1 challenges and mixed performance, RBC Capital Markets said in a note. Abbott shares rose 1.5%.

$ABT

Sectors112d ago

Sector Update: Consumer

$LULU

Sectors112d ago

Update: WTI Oil Plunges 11% as Iran Reopens the Strait of Hormuz to Commercial Shipping

(Updates prices and adds detail.)West Texas Intermediate (WTI) crude closed sharply lower on Friday after Iran reopened the Strait of Hormuz to commercial traffic, freeing up tankers trapped in the Persian Gulf and ending a supply shock that sent prices to four-year highs.WTI crude oil for May delivery closed down US$10.84, or 11.5%, to settle at US$83.85 per barrel, while June Brent oil last seen was down US$9.45 to US$89.94.Abbas Araghchi, Iran's foreign minister, said in a social-media post that "passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire".Ceasefires are holding on both fronts in the Middle East, as Israel and Lebanon on Thursday agreed to a ceasefire in Israel's war on Hezbollah militants in the country. There are also hopes for further talks between the U.S. and Iran to end their conflict that had closed the Strait of Hormuz, a chokepoint for 20% of daily global oil and LNG demand supplied by Persian Gulf nations.Though the situation remains unclear and the full return of production from Persian Gulf states is likely to be slow as shut-in oil fields resume production and repairs to energy infrastructure attacked by Iran. Still, there are reports tankers have begun moving toward the Strait."Rystad Energy is still tracking approximately 12.4 million barrels per day (bpd) of curtailed oil production across Saudi Arabia, Iraq, Iran, the UAE, Kuwait, Qatar, and Bahrain. Even so, today's announcement has materially shifted the probability distribution of outcomes. The market is not waiting for a formal deal - it is pricing in the possibility of one," said Artem Abramov, Rystad's Deputy Head of Analysis.An Israeli stand down on attacks in Lebanon was a key part of Iran's demands in talks with the U.S. and may ease the path for further talks between the two countries. U.S. President Trump on Thursday said he expects talks moderated by Pakistan to soon resume.The Wall Street Journal on Friday reported comments from Iranian Deputy Foreign Minister Saeed Khatibzadeh that Iran is expecting talks to result in a permanent settlement to the war rather than another temporary ceasefire, citing Turkey's state news agency, while saying Iran is looking to regulate transits through the vital Strait

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Sectors112d ago

May WTI Crude Oil Contract Closes Down US$10.85;Settles at US$83.85 per Barrel

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Sectors112d ago

Update: Gold Rises As the USD and Yields Drop, Oil Prices Plunge, as Iran Reopens the Strait of Hormuz

(Updates prices.)Gold was higher midafternoon Friday following as Iran reopened to Strait of Hormuz to commercial traffic, ending the largest ever energy supply shock and easing inflation fears.Gold for May delivery was last seen up US$75.30 to US$4,883.60 per ounce.CNBC reported Iran has reopened the Strait of Hormuz to commercial traffic, freeing tankers that have been trapped in the Persian Gulf since the United States and Israel launched their war on the country on Feb. 28 and allowing the resumption of exports from the Persian Gulf region that supplies 20% of daily oil demand.Oil prices are plunging following the declaration, with West Texas Intermediate crude oil last seen down 11% to US$84.38 per barrel, easing worries a sustained period of high energy prices will boost inflation and force central banks to raise interest rates.The dollar was lower on following Iran's decision, with the ICE dollar index last seen down 0.19 points to 98.02. Treasury yields were also lower, with yield on the U.S. two-year note last seen down 7.4 basis points to 3.712%, while the 10-year note was paying 4.249%, down 7.1 points.

$GCK6$UNG

Sectors112d ago

Sector Update: Tech Stocks Gain Friday Afternoon

Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 2.6%.The Philadelphia Semiconductor index added 2%.In corporate news, Apple (AAPL) recorded a 20% year-over-year increase in smartphone shipments in China during Q1 to become the second-largest seller in the country, Counterpoint Research said Friday. Apple shares climbed 2.7%.Amazon.com (AMZN)-backed Anthropic is in talks with the European Commission on its different models, including its cybersecurity models that are not available in the EU, Reuters reported Friday. Amazon shares added 1.7%.Bandwidth (BAND) shares jumped past 9% after B. Riley raised its price target to $27 from $20 while keeping its buy rating.

$AAPL$AMZN$BAND

Sectors112d ago

Sector Update: Health Care Stocks Higher Friday Afternoon

Health care stocks climbed Friday afternoon, with the NYSE Health Care Index rising 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.5%.The iShares Biotechnology ETF (IBB) advanced 1.4%.In corporate news, Merck (MRK) shares rose 2.3% after it said Friday that the European Commission has approved Enflonsia to prevent respiratory tract disease in newborns and infants.Kura Oncology (KURA) shares jumped nearly 7% after it said Friday that new preliminary data from a subset analysis of patients with clear cell renal cell carcinoma previously treated with cabozantinib showed "robust" antitumor activity in an ongoing clinical trial of darlifarnib in combination with cabozantinib.Psyence Biomedical (PBM) shares surged 66% after it acknowledged recent reports saying that the US administration is preparing an executive order to further evaluate the safety and therapeutic potential of ibogaine, a naturally occurring compound being studied for its potential in treating post-traumatic stress disorder, addiction, and other serious neurological and mental health conditions. Through its investment in PsyLabs, Psyence has established a position in the manufacturing of ibogaine and ibogaine derivatives, it said.

$KURA$MRK$PBM

Sectors112d ago

Sector Update: Consumer Stocks Advance in Afternoon Trading

Consumer stocks were higher Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) climbing 3.3%.In corporate news, Autoliv's (ALV) Q1 results exceeded Wall Street's estimates, while the Swedish automotive safety supplier affirmed its full-year outlook on Friday amid an uncertain business environment. Its shares jumped past 8%.Netflix (NFLX) shares dropped more than 10% after it released Q2 guidance late Thursday below market consensus. The streaming company also said that its Chairman and Co-founder Reed Hastings plans to step down when his term ends in June.Patrick Industries (PATK) is in talks to combine with rival LCI Industries (LCII), Bloomberg reported. Patrick shares climbed 5.3%, and LCI rose 2.5%.

$ALV$LCII$NFLX$PATK

Sectors112d ago

Sector Update: Financial Stocks Rise Friday Afternoon

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index gaining 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 1.8%.The Philadelphia Housing Index jumped 5.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) popped 3.7% to $77,919, and the yield for 10-year US Treasuries dropped 7.7 basis points to 4.23%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Fifth Third Bancorp (FITB) shares gained 2.2% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares rose 3%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 3.3%.

$APO$ARES$BCS$BX$DB$FITB$JPM$TFC

Sectors112d ago

Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.4% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.4%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.24 a barrel, and the global benchmark Brent crude contract dropped 10% to $89.24 a barrel. Henry Hub natural gas futures rose 1.8% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 5.6%.Critical Metals (CRML) shares surged 36% after it said Friday that the Government of Greenland has approved the transfer of the remaining 50.5% stake in Tanbreez Mining Greenland, increasing the company's ownership to 92.5%.

$CRML$E$PBR$SHEL$TTE$XOM

Sectors112d ago

Sector Update: Health Care

Health care stocks climbed Friday afternoon, with the NYSE Health Care Index rising 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.5%.The iShares Biotechnology ETF (IBB) advanced 1.4%.In corporate news, Psyence Biomedical (PBM) shares surged 44% after it acknowledged recent reports saying that the US administration is preparing an executive order to further evaluate the safety and therapeutic potential of ibogaine, a naturally occurring compound being studied for its potential in treating post-traumatic stress disorder, addiction, and other serious neurological and mental health conditions. Through its investment in PsyLabs, Psyence has established a position in the manufacturing of ibogaine and ibogaine derivatives, it said.

$PBM

Sectors112d ago

Sector Update: Energy

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.5% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.6%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.09 a barrel, and the global benchmark Brent crude contract dropped 10% to $88.96 a barrel. Henry Hub natural gas futures rose 1.5% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.

$E$SHEL$TTE$XOM

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Sectors112d ago

Update: WTI Oil Plunges 11% as Iran Reopens the Strait of Hormuz to Commercial Shipping

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