ConocoPhillipsWar escalation with Iran threatens oil supply, boosting crude prices and benefiting ConocoPhillips as an upstream producer.
Wall Street closed mixed on Wednesday amid heightened concerns over the intensified war between the United States and Iran, while artificial intelligence stocks regained some ground. The Dow Jones Industrial Average shed 576.76 points, or 1.1%, to close at 52,348.39, with 24 of its 30 components ending lower. The S&P 500 lost 0.3% to finish at 7,482.71, while the Nasdaq Composite rose 0.2% to 25,870.65, lifted by AI giants. Crude oil prices spiked after President Donald Trump declared the ceasefire with Iran over at the NATO summit in Turkey and said the United States would 'very probably' attack Iran 'hard again,' sending West Texas Intermediate futures up 4.4% to $73.52 per barrel and Brent crude futures up 5.4% to $78.19 per barrel. The CBOE Volatility Index rose 4.8% to 16.90, and decliners outnumbered advancers on the NYSE by a 3.5-to-1 ratio.
ConocoPhillipsWar escalation with Iran threatens oil supply, boosting crude prices and benefiting ConocoPhillips as an upstream producer.
Marathon Petroleum CorpHigher crude oil prices from Middle East conflict improve refining margins and inventory values for Marathon Petroleum.