The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1509 ET – Oil futures jump as the U.S. reinstates its Iranian blockade and Iran says it has again closed the Strait of Hormuz. “What we are witnessing is more than just a short-term technical rebound. It represents a clear repricing of geopolitical risk within the energy market,” Rania Gule of XS.com says in a note. “The market has reacted not only to military developments but also to the growing possibility of disruptions to oil flows.” Prices are likely to remain well supported as long as geopolitical tensions persist and no meaningful diplomatic breakthrough emerges, she adds. WTI settles up 9.4% at $78.14 a barrel, its biggest single-day percentage gain since April 2, and Brent rises 9.6% to $83.30, its sharpest one-day rise since May 5, 2020. (anthony.harrup@wsj.com)
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