⚡️Energy Sector Rises Amid Middle East Tensions, Boosting XLE and USO, While BOIL Declines on Market Volatility | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) has gained amid rising oil prices, due to escalating tensions in the Middle East following Iran's missile attack on Israel.
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Wednesday, October 2
XLE [+0.4%]
Energy Select Sector SPDR Fund (XLE)
The Energy Select Sector SPDR Fund (XLE) has gained amid rising oil prices, due to escalating tensions in the Middle East following Iran's missile attack on Israel. Brent Crude futures increased significantly, trading around $75.50, while WTI Crude hovered around $72. XLE's price rose by 1.25%, reaching approximately $90.93, reflecting a positive market reaction to these developments. Additionally, U.S. crude inventories unexpectedly rose by nearly 4 million barrels last week, although this news has been overshadowed by geopolitical risks. Social media highlights indicate that XLE outperformed other sectors, with notable interest marked by a significant order for XLE call options. Key contributors to XLE's performance include ExxonMobil and Chevron, both benefiting from the current market dynamics.