Shares of energy companies fell amid signs of progress in Middle East diplomacy.
Iran and Oman were reportedly finalizing a draft agreement Wednesday to reopen the Strait of Hormuz that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it levy tolls or service fees. The draft agreement has not been finalized, and could still allow Iran to collect voluntary fees under the category of security or search-and-rescue.
Abu Dhabi energy producer Adnoc Distribution reported a sharp jump in quarterly profit as higher fuel sales, inventory gains and stronger margins lifted earnings.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
