Shares of energy companies rose as traders braced for intensified conflict in major oil-producing regions, driving up the price of the commodity.

Crude futures rose over 3% to $69.16 a barrel after President Joe Biden approved use of long-range missiles that Ukraine could use to strike deeper into Russia.

Natural gas futures gained 5.3% to $2.97 per million British thermal units, meanwhile, in anticipation of increased demand for the heating fuel in much of the U.S.

Donald Trump rewarded the tycoons behind the shale boom, among his most ardent supporters, with the selection of the founder of fracking-services company Liberty Energy, Chris Wright, as his nominee for Energy Secretary.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-18-24 1708ET