Energy Shares Rise as Oil Prices Drop More Than 4%

Energy stocks recorded the smallest gains among major U.S. sectors as equities rallied to start the week. Oil prices fell more than 4% in New York after President Trump played down the likelihood of further U.S. attacks on Iran, despite fresh threats to regional oil supply.

November 10, 2026, 01:51 AM 327 0

Energy Shares Rise as Oil Prices Drop More Than 4%

Attacks on Saudi Arabia and new incidents involving tankers in the Strait of Hormuz underscored the risks to Middle Eastern oil supplies even as crude prices retreated.

Separately, Canadian heavy oil producer Strathcona Resources agreed to buy oil sands producer Greenfire Resources in a deal valued at up to 2.9 billion Canadian dollars ($2.1 billion). Strathcona said over the weekend that it had reached a definitive agreement. Last year, the company sought to buy MEG Energy but was outbid by Cenovus Energy.

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