The S&P 500 energy index advanced 2.3% on the day as oil benchmarks moved higher amid a mix of geopolitical remarks and inventory data. Brent crude futures rose 2.7% to $93.93 per barrel, while U.S. West Texas Intermediate crude climbed 3.14% to $90.97 per barrel.
Market participants pushed prices up after U.S. President Donald Trump said the country would "hit Iran hard again today," a comment that coincided with a stronger-than-expected decrease in U.S. crude inventories. Those two factors underpinned the rally in oil and supported the energy sector's gains.
Among large integrated producers, Chevron (NYSE:CVX) rose 2.5% and Exxon Mobil (NYSE:XOM) added 1.8%, contributing to the sector's overall advance. Independents and exploration and production names posted even larger moves: Devon Energy (NYSE:DVN) climbed 6.6%, one of the top percentage gainers on the energy index. Devon's stock received additional momentum from its 2026 production forecast, which the company released late Tuesday following the completion of its merger with Coterra Energy.
Other independents also performed strongly. APA Corp (NASDAQ:APA) increased 4.7% and ConocoPhillips (NYSE:COP) rose 3.6%. Among refiners, Marathon Petroleum (NYSE:MPC) added 3.5%, Phillips 66 (NYSE:PSX) climbed 3.1% and Valero Energy (NYSE:VLO) gained 2.8%.
Oilfield services company SLB (NYSE:SLB) recorded a more modest rise of approximately 1% on the session.
Overall, the move higher in crude prices translated into broad-based strength across the energy complex, with integrated majors, E&P names, refiners and at least one major services provider all participating in the rally.