By Robb M. Stewart

North American oil stocks shot higher Wednesday, rebounding from early-session declines with a rise in oil futures after President Trump paused his recently imposed tariffs on most countries.

Exxon Mobil jumped 4.5% to $105.31 and Chevron advanced 6% to $145.35. The pair began the day in the red as the Trump administration's so-called reciprocal tariffs on countries around the world went into effect, which analysts have forecast would dampen global growth and reduce oil demand.

Marathon Petroleum jumped 11% to $131.36, while Phillips 66 rallied 12% to $104.10.

West Texas Intermediate futures advanced in afternoon trading, though benchmark Brent crude futures were near a four-year low.

Energy stocks north of the border also rebounded after Trump in a social-media post announced he had authorized a 90-day pause on certain tariffs to most countries, with a substantially reduced levy of 10% for the period. Cenovus Energy rocketed 11% to C$16.73, Suncor Energy climbed 7.1% to C$48.11, and Imperial Oil rose 6.4% to C$91.21.

U.S. tariffs and counter-trade measures being imposed by some countries against American exports, along side plans by the Organization of the Petroleum Exporting Countries and their allies, have weighed on oil prices and investors have increasingly become worried about what that will mean for oil companies' margins and investor payouts.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 09, 2025 14:33 ET (18:33 GMT)

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