Energy Shares Gain as Oil Hits Three-Year High - Energy Roundup

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Energy shares were among the biggest gainers Wednesday, climbing alongside crude oil prices amid antigovernment protests in Iran that could lead to supply disruptions. Antigovernment demonstrators have taken to the streets in cities across Iran over the past week to voice anger over the country's economic woes. The protests, which have left more than 20 people dead, have reignited a geopolitical risk premium in global oil markets amid concerns the civil unrest could result in crude supply disruptions out of the Islamic Republic. In corporate news, Brazilian state-run oil company Petróleo Brasileiro SA said it would pay one of the highest-value settlements in history to end a class-action lawsuit by U.S. investors who had sought to recoup corruption-related losses. Petrobras, as the company is known, said it agreed to pay $2.95 billion to resolve claims by investors who bought its U.S.-listed shares or bonds between January 2010 and July 2015. (Amy.Pessetto@wsj.com)

(END) Dow Jones Newswires

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January 03, 2018 17:20 ET (22:20 GMT)