Shares of energy companies rose as one prominent Wall Street firm increased its exposure to the sector.
Activist Elliott Investment Management disclosed a stake in Phillips 66 valued at more than $2.5 billion and said it's pushing the oil refiner to consider operational changes to boost its stagnant stock. Elliott has become more active in the energy sector of late, recently divulging a stake in British oil major BP. In response to pressure from Elliott, BP said it would reset its strategy with a new direction.
Oil futures rose amid anxiety about a potential trade war, and tensions between Israel and Hamas over their cease-fire and hostage-release agreement. Israel said hostilities would recommence on Saturday if hostages were not released. Hamas had vowed to postpone the releases due to delays on humanitarian aid.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 11, 2025 17:33 ET (22:33 GMT)
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