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

XOP

Market cap $3.24B

Oil tanker traffic through the Strait of Hormuz may not return to prewar levels even if the U.S. and Iran reach a deal. Ship traffic in the Red Sea, for example, plummeted in early 2024 due to Houthi militant attacks.

Guyana was already the world's fastest growing economy before the U.S.-Israeli war on Iran drove up oil prices. Now, the tiny Caribbean nation of nearly 1 million people will reap an even bigger bonanza as the conflict reshapes global energy markets.

Marley Kayden talks about how oil prices have pulled back from their conflict-driven highs while Sam Vadas discusses Micron (MU) reaching another price target as momentum in memory stocks continues to build.

Prices at gas pumps are starting to sink and oil is on track to drop 20% in May as investors remain optimistic that a ceasefire deal to end the Iran war is near.

This week executives from both Exxon and Chevron, two of the largest oil producers in the United States came out and said oil could hit 160 dollars within weeks. Senior Vice President of Exxon Neil Chapman warned at the Bernstein conference that inventory levels of crude and gasoline are at historic lows and are reaching their operational floor.

Oil markets test new lows as traders wait for results of U.S. – Iran talks.

U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery ​processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran.

Global oil prices tumbled over 20% in May on hopes for the U.S.-Iran peace deal.

U.S. crude production was largely steady in March at 13.7 million barrels per ​day, according to the Energy Information Administration on Friday.

Crude oil prices have posted their biggest weekly drop since the pandemic, but analysts warn supply disruptions and inventory shortages could keep energy markets under pressure.