U.S. energy shares gained on Wednesday as crude oil prices climbed on worries over tension in the Middle East after Israel and the U.S. vowed to respond to Iran’s missile attack, reported Reuters on Wednesday.
Israeli Prime Minister Benjamin Netanyahu promised that Iran would pay for its missile attack on Tuesday, while Teheran said any retaliation would be met with “vast destruction”, raising fears of a wider war.
Earlier, West Texas Intermediate (WTI) crude had surged above $72 at one point following Iran’s missile attack on Israel. US energy majors Exxon Mobil and Chevron rose 1.7% and 1.5%, respectively.
At Malaysian local time 9:48am Oct 3, WTI went up about 85 cents, or around 1.2%, to trade at approximately USD70.95/barrel. (Source: tradingeconomics.com/commodity/crude-oil)
Locally, as at 9:51am Thursday, Bursa’s Energy Index traded up 2.52 points, or 0.3%, at 854.24. (Source: tradingview.com)
