Shares of energy companies fell as traders bet that Israel and Iran would step back from the brink of a full-scale regional war.
Crude oil futures shed 1.7% to close at $71.77 a barrel in New York. Oil prices briefly dipped below the psychologically significant $70-per-barrel level after The Wall Street Journal reported that Iranian leaders indicated they were open to returning to nuclear negotiations as long as the U.S. doesn't join Israel in its offensive. The latest eruption of conflict in the Middle East, between Israel and Iran, raises the risk of a tighter oil market and higher prices in the near term.
Santos, Australia's second-largest producer of oil and natural gas, received a takeover offer from a consortium led by Abu Dhabi National Oil unit XRG, worth $18.72 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-16-25 1723ET
