Energy Leads, OXY Outperforms
The move comes as Energy stands out as the market’s strongest sector, with OXY outperforming even its peers. With only a handful of sectors in the green, capital is rotating into commodity-linked names showing relative strength.
That divergence is stark. Major indices remain under pressure (SPY -0.93%, QQQ -1.30%, DIA -1.01%, IWM -1.25%), reinforcing a defensive shift toward cash-generating, oil-levered companies.
Trump Signals Escalation Risk
Crude prices surged in volatile trading after Trump warned of potential U.S. military action against Iran within the next two to three weeks, dampening expectations for near-term de-escalation.
U.S. West Texas Intermediate crude for May delivery jumped 8.2% to $108.36 a barrel, while June Brent crude rose 8% to $109.16.
Trump attributed the surge to alleged Iranian attacks on oil tankers and regional targets, while signaling the U.S. could “hit” Iran “extremely hard” even as diplomatic talks continue.
IEA Warns Of Deepening Supply Shock
The International Energy Agency has flagged escalating risks to global oil markets.
IEA Executive Director Fatih Birol said the world has already lost an estimated 12 million barrels per day of oil supply, exceeding the combined impact of the 1973 Arab oil embargo and the 1979 Iranian Revolution.
“The next month, April, will be much worse than March,” Birol said.
Separately, former U.S. Under Secretary of Defense Michèle Flournoy said
