⚡️Oil Soars on Middle East Tensions; XLE, USO Surge in Pre-Market Trading | Energy Sector Insights
(XLE) has increased by 3.0% in pre-market trading, reflecting a broader surge in oil prices. WTI crude has risen over 9% due to escalating geopolitical tensions following Israel's military actions against Iran, raising concerns about potential supply disruptions through the Strait of Hormuz.
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Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.
Friday, June 13
XLE [+3.2%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has increased by 3.0% in pre-market trading, reflecting a broader surge in oil prices. WTI crude has risen over 9% due to escalating geopolitical tensions following Israel's military actions against Iran, raising concerns about potential supply disruptions through the Strait of Hormuz. Social media discussions reveal that XLE is up 8.5% through pre-market trading, marking its best week since September 2022, with consistent gains throughout the week. The top contributors to XLE's performance include ExxonMobil, Chevron, ConocoPhillips, EOG Resources, and Schlumberger, all of which have shown significant positive returns. Additionally, Brent crude prices have surged by nearly 6%, correlating with the movement in XLE and reflecting broader market dynamics in the energy sector.