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Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.
Brent crude futures rose by $2.88, or 3.7%, to settle at $80.93 per barrel. U.S. West Texas Intermediate futures advanced by $2.76, or 3.7%, to $77.14 per barrel.
Last week, Brent rose more than 8% and WTI advanced by more than 9% week-on-week, the most in more than a year, after Iran's Oct. 1 missile barrage against Israel raised concerns that the response from Israel would aim at Tehran's oil infrastructure.
If that happens, oil prices could rise by another $3 to $5 per barrel, said Andrew Lipow, president of Lipow Oil Associates.
Rockets fired by Iran-backed Hezbollah hit Israel's third-largest city, Haifa, early on Monday. Israel, meanwhile, looked poised to expand ground incursions into southern Lebanon on the first anniversary of the Gaza war that has spread conflict across the Middle East.
U.S. stocks ended sharply lower Monday after the Dow Jones Industrial Average finished last week at a record high, as Treasury yields climbed above 4% for the first time since August.
The Dow Jones Industrial Average dropped 398.51 points, or 0.9%, to end at 41954.24. This is the index's largest one-day point and percentage decline since September 6.
The S&P 500 declined 55.13 points, or 1%, to finish at 5695.94. This is the index's largest one-day point and percentage decline since September 6.
The Nasdaq Composite fell 213.95 points, or 1.2%, to close at 17923.90.
Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s
acquisition of Hess Corp. for $53 billion.
Milton’s exact path was still being mapped, but forecasters said there was growing confidence that a powerful hurricane with life-threatening hazards would affect portions of the Florida West Coast.
There is also a chance that Milton will weaken slightly. Even if it loses some strength, this could mean the storm grows and the hurricane becomes even larger at landfall, increasing the dangerous effects over a much larger area.
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Hart Energy, via Yahoo News | Occidental Petroleum [OXY • NYSE] is selling off...
Author Mark Davidson, Washington|Editor–Everett Wheeler|Energy Intelligence Group| The number of active US gas rigs...
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Fossil fuel financing by Wall Street’s leading banks has declined sharply in 2025, highlighting...
by Bloomberg, via RigZone.com|Weilun Soon, Rakesh Sharma, Reporting| At least four tankers discharged millions...
˃ Financing from the six largest Wall Street banks for oil, gas, and coal...
Mexico’s energy story has turned again. After years of political resistance to hydraulic fracturing,...
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