Invesco Oil & Gas Services ETF

PXJ

Market cap $60.6M

Oil futures fell in early Asian trade after Treasury Secretary Bessent unveiled a stopgap measure to ease pressure caused by what he calls Iran's attempt to “take global energy hostage.”

President Donald Trump says the administration will take further action to reduce the pressure on oil. He says prices are already stabilizing.

Crude oil surged to a multi-year high above key resistance, reclaiming the 200-week average and triggering bullish patterns, signaling potential continuation of the long-term upward trend.

Oil prices have become a focus since the U.S. started military strikes targeting Iran.

American oil benchmark posts big gain.

Former U.S. Energy Secretary Ernest Moniz says oil could top $100 per barrel if tanker traffic through the Strait of Hormuz remains restricted over the next few weeks. The Trump administration says it will ensure safe passage of ships through the Strait.

Oil is still “baking in the mother of all supply shocks” since the 1973 oil embargo, says one energy-market investor.

The ‌U.S. Treasury Department is expected to announce measures as soon as Thursday aimed ​at combating rising energy ​prices, including potential action involving the ⁠oil futures market, a senior ​White House official said.

Iran intensified strikes against oil-producing countries in the Middle East, pushing oil prices towards new highs.

The world still runs on oil, and Iran has the third-largest reserves in the world.