Global supply anxieties flared briefly mid-week when assaults on Persian Gulf shipping and Saudi oil installations, attributed to Iran and Yemeni rebels, rattled investors. Yet, the price of crude stabilized near $91 a barrel, resisting a surge that might have otherwise followed such geopolitical instability.
In section Market Quotes
Energy Stocks Slip as Oil Retreats from Recent Peaks
Energy equities softened in New York trading this week as oil futures drifted below their recent highs. Despite the looming threat of Hurricane Isaias—a Category 3 storm forcing BP to shutter offshore platforms and evacuate personnel—the market failed to sustain upward momentum against broader cooling trends.
President Trump announced an agreement on Friday with Russian President Vladimir Putin to import hundreds of thousands of tons of diesel fuel. The administration framed this strategic move as a measure to alleviate costs for American households and farmers, providing a downward pull on domestic fuel prices as the market recalibrates.
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