Shares of energy companies fell amid volatility in energy futures markets, as traders awaited the outcome of peace negotiations.
The price of oil in New York initially tumbled to around $90 a barrel, before rebounding to close on the cusp of $95 as the Iranian government reportedly weighed its response to the latest U.S. peace proposal.
Brent crude futures closed just above the psychologically significant $100-per-barrel mark, having lost 13% in the last three sessions.
Shares of Anglo Dutch oil major Shell fell, but remained near all-time highs, after robust commodity-trading revenue bolstered its quarterly earnings.
Adjusted profits at Shell's chemicals and products division, which houses its oil traders, surged to $1.93 billion in the first quarter, up from $449 million in the same period last year.
Saudi Arabia and Kuwait have lifted restrictions on the U.S. military's use of their bases and airspace imposed after the start of the American operation to reopen the Strait of Hormuz, according to U.S. and Saudi officials, removing a hurdle that had tripped up President Trump's effort to move ships through the vital waterway.
Cheniere Energy fell sharply after the liquefied natural-gas producer booked a multibillion dollar charge on market changes on its hedges.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-07-26 1728ET
