State Street SPDR S&P Oil & Gas Exploration & Production ETF

XOP

Market cap $3.34B

Commercial crude oil stocks fell by 1.7 million barrels last week. Analysts expected crude stocks to decline by 900,000 barrels.

The crude oil markets are trying to stabilize early on Wednesday as we are looking at the Middle East for the latest headlines. War will continue to be the biggest driver of risk appetite.

U.S. natural gas futures were modestly lower as soft LNG feedgas flows due to terminal maintenance partially offset demand to meet summer cooling needs.

A prolonged slump in China's crude buying might be nearing an end, removing a key cushion for the global oil market just as renewed U.S.-Iran tensions put Gulf supplies at risk once again.

The global economy has less capacity to cushion the blow from a reduction in energy supplies moving through the Strait of Hormuz as the U.S. and Iran resume hostilities, the International Monetary Fund said.

China's fuel oil demand is set for a long road to recovery after imports ​touched a record monthly low as refiners cut output and opted for cheaper crude in the ‌wake of the U.S.-Iran war, industry sources said.

OPEC cut its 2026 oil demand outlook again as Middle East risks persist. WTI eyes $80, Brent targets $87.34, while natural gas tests $2.94 resistance.

Oil prices rose after U.S. forces struck Iranian targets and Washington reinstated its naval blockade of Iranian ports. The U.S. struck missile and drone facilities, naval assets and coastal defense systems: Centcom

Oil rose on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikes on U.S. infrastructure in the ​region.

Oil rose in early Asian trade amid Iran's attacks on shipping in the Strait of Hormuz.