Phillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company's stock has risen 57% since the start of the year, when it traded around $130 per share.
BP stock was edging higher after the British oil major reported a surge in its second-quarter profit, just a day after President Donald Trump slammed rivals Chevron and ExxonMobil for making too much money.
The top five performing iShares ETFs in July highlight strong returns in specialized market segments. Driven by gains in China large-caps, positive Ethereum momentum, and renewed geopolitical tensions leading to higher oil prices, July performance leadership came from a diverse range of asset classes.
Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'
Blowout earnings from Exxon Mobil, Chevron and Valero Energy this past week showed how the U.S.-Iran war created massive short-term profits in oil. ETFs targeting oil refiners and crude oil price volatility were among big winners over the past six months.
American oil and gas giants raked in massive spring profits while fighting between Iran and the U.S. impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world's oil and natural ...
Top U.S. oil producers ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight and lead to persistently high prices in the second half of the year as the Iran war continues to cause major energy disruptions.