The momentum sparked by the U.S.-China tariff reduction agreement fueled gains across the energy sector, with major oil companies posting significant advances.
Marathon Petroleum led the pack, surging 5.73%, followed closely by ConocoPhillips at 5.63%.
Chevron saw a solid 3.09% increase, while BP gained 2.32%.
European majors also joined the rally, with Equinor up 1.52%, Shell rising 1.16%, and TotalEnergies edging higher by 0.85%.
The tariff truce, which reins in elevated duties for 90 days, has bolstered market confidence in stronger oil demand, driving share prices of energy firms.
Equity markets mirrored the upbeat sentiment, with Dow futures jumping in early trading. Analysts now eye key resistance levels for oil, with WTI approaching $65 and Brent nearing $69.
While the tariff suspension offers a short-term boost, experts warn that sustained optimism hinges on the outcome of future discussions led by U.S. Treasury Secretary Scott Bessent, USTR Jamieson Greer, and China’s Vice Premier He Lifeng. For now, markets are riding a wave of relief, but uncertainties linger over the longevity of this détente.
