US energy sector gains on fears of escalation in Middle East
Updates
** S&P 500 energy sector .SPNY up 1.9%tracking higher crude prices
** Benchmark Brent crude LCOc1 futures up3.8% at $74.43/barrel after a senior White House official says that Iran is preparing to imminently launch a ballistic missile attack against Israel O/R
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N up 2.1%and 1.8%,respectively
** Oil and gas producer APA APA.O gains 5.3% to emerge as the top gainer in the broader S&P 500 index .SPX in afternoon trade
** Occidental Petroleum OXY.N, SLB SLB.N, ConocoPhillips COP.N, Marathon Oil MRO.N and Halliburton HAL.N gainbetween 2.8%and 3.2%
** "The higher move in oil prices is related to rising geopolitical risk tied to any potential actions by Iran in the Middle East. At the present time, there appears to be no impact on the physical market as oil exports out of the region are still happening," says Rob Thummel, senior portfolio manager at Tortoise
Reporting by Sourasis Bose in Bengaluru
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