Shares of oil and gas companies rose alongside oil futures amid doubts about the outlook for U.S. sanctions on Iran.
Oil futures hit a three-year high around $62 a barrel, as the market's focus turns to geopolitical risks, dropping a prolonged preoccupation with over-supply.
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President Donald Trump is due to extend sanctions relief on Iran Wednesday, but recent protests and other tensions could mean he declines to do so. "The potential for new sanctions, which could restrict [crude] supply" is supporting prices, said Geordie Wilkes, a research analyst at brokerage Sucden Financial, as reported earlier.
Less than two weeks after SandRidge Energy succumbed to investors' wishes to terminate a deal to buy Bonanza Creek Energy, activist investor Carl Icahn launched a proxy fight, publicly urging a rejiggering of SandRidge's board.
--Rob Curran, email@example.com
(END) Dow Jones Newswires
January 09, 2018 15:58 ET (20:58 GMT)