The market reaction was swift, with major energy producers seeing significant gains in premarket trading. Exxon Mobil shares rose 1.6% to $143.93, while Chevron and ConocoPhillips both climbed 1.7%, reaching $177 and $110.30 respectively. Other industry players followed suit, with Occidental Petroleum jumping 2.6% to $53 and Diamondback Energy gaining 2.3% to $184.67. BP shares also saw a 1% lift, trading at $38.99.
In section Market Quotes
Energy Stocks Rally as Trump Declares Iran Ceasefire Over
Brent crude futures spiked 5% to $73.93 a barrel Wednesday after President Trump signaled the collapse of the mid-June ceasefire with Iran. Speaking at a NATO summit in Ankara, Trump dismissed ongoing diplomatic efforts, labeling Iranian leadership as dishonest while citing renewed vessel attacks in the Strait of Hormuz.
These gains reflect investor anxiety following Trump’s sharp rhetoric against Tehran. Despite his administration maintaining a team of negotiators, the president expressed deep skepticism regarding the utility of further talks. The breakdown of the preliminary peace agreement, underscored by the recent maritime hostilities, suggests a return to heightened geopolitical instability in the region.
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