Shares of energy companies fell alongside U.S. oil futures amid hopes the U.S. and Iran would extend a cease-fire despite clashes around the Strait of Hormuz.
Globally traded Brent crude futures rose 3.6% to $99.58 a barrel. West Texas Intermediate futures fell 2.8% to $93.89 a barrel.
"That tells me investors apparently in a 'wait and see' pattern," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "That's showing some confidence that things are easing."
BP shares fell sharply after the British oil major removed its chairman, Albert Manifold, after the oil major's board was alerted to "serious concerns" related to governance standards, oversight and conduct.
Write to Rob Curran at rob.curran@dowjones.com
