The move follows renewed rhetoric from President Donald Trump, who reaffirmed the U.S. commitment to ongoing strikes on Iran, intensifying concerns over supply disruptions through the Strait of Hormuz.
Energy Emerges As Market Outperformer
Energy is the clear pocket of strength in an otherwise risk-off session. The Energy sector (XLE) rose 2.78%, outperforming as major indices slipped. The Dow Jones fell 1.23%, while the Russell 2000 declined 1.67%.
That relative strength is helping support Exxon shares despite broader equity weakness.
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, CNBC reported.
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 ...
