⚡️Exxon, Chevron Lead Energy Higher as XLE Gains | Energy Sector Insights
The Energy ETF (XLE) rose as gains in Exxon and Chevron lifted the sector, with Brent crude climbing above $111 amid Middle East tensions and warnings of prolonged supply disruptions.
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Friday, March 20
XLE [+0.6%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has increased by 0.6% since Thursday. Approximately six hours ago, the head of the International Energy Agency warned of potential disruptions in oil and gas flows from the Gulf lasting up to six months. Concurrently, XLE was reported as one of the outperformers among S&P sector ETFs, gaining nearly 1% while other sectors faced declines. Brent crude prices surged over 5%, reaching above $111 per barrel amid ongoing geopolitical tensions in the Middle East, particularly concerning Iran's missile attacks on energy infrastructure. Additionally, Baker Hughes reported a decrease in the U.S. rotary rig count, with oil rigs slightly increasing and natural gas rigs decreasing. The top contributors to XLE's performance included ExxonMobil and Chevron, among others.