Shares of energy companies rose as oil futures tested war-time highs in volatile trade.
Oil futures rose 3.1% to $108.66 a barrel in New York, gaining for the third straight session amid skepticism about the likelihood of a lasting agreement between the U.S. and Iran over the reopening of the Strait of Hormuz. Oil futures fell in late trading after President Trump said he would hold off on a planned U.S. attack on Iran at the request of Gulf leaders to make room for negotiations with Tehran over a prospective deal to end the war.
The International Energy Agency has warned that the reserve drawdowns in major nations that have cushioned the impact of the strait closure on energy markets will soon reach critical levels.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
