Zooming out, the energy sector has been in a drawdown recently, down 7.47% over the past 30 days and down 7.02% over the past 90 days.
Strait of Hormuz Disruptions
Oil and gas-related shares gained after reports indicated multiple commercial ships were struck by Iranian forces in the Strait of Hormuz.
Crude oil rose more than 2% to above $70 per barrel on Tuesday. At least one vessel reportedly ignored warnings from Iranian forces, though Iran did not officially claim responsibility for the attacks, according to CBS News.
The shipping incidents renewed concerns regarding the durability of the global energy supply. Tensions increased after Iran’s top diplomat stated Tuesday that Tehran would not resume negotiations if U.S. threats continue, following comments from President Donald Trump that the U.S. would “finish the job” without a peace deal.
