Energy shares fell sharply as the U.S. and Iran signed an interim deal to end fighting and open the Strait of Hormuz.
Saudi Aramco is considering expanding its global oil-storage network after the Iran war exposed the importance of strategic reserves in keeping crude flowing to customers.
Oil is set to retain the largest share of the global energy mix through midcentury, the Organization of the Petroleum Exporting Countries said, doubling down on its forecast that demand will keep growing with no peak in sight.
The number of rigs drilling for oil in the U.S. was steady this week at 433 following seven straight weeks of increases, Baker Hughes reports. The recent increase in drilling in the Permian basin has been led by private companies, which are quicker and more likely to respond to rising oil prices than publicly held companies, East Daley Analytics said.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
