Energy, telecom and credit lead market movers

Benchmark crude prices extended gains on Thursday as markets focused on rising tensions between the U.S. and Iran and the potential impact on global supply routes. Brent futures traded above $71.60 a barrel and U.S. benchmark West Texas Intermediate (WTI) above $66.20, both up around 2% on the session and more than 11% so far this month.

Traders are watching developments around the Strait of Hormuz, a key shipping chokepoint where roughly 20 million barrels of petroleum products transit daily. Earlier in the week, Iran said it was partially closing the strait for military exercises, having previously conducted drills there without issuing formal closure notices.

Market anxiety has been amplified by the Trump administration’s decision to send a second aircraft carrier to the region, creating what The Wall Street Journal described as the largest U.S. air power deployment in the Middle East since 2003. Conflicting signals from Tehran over its nuclear talks with Washington have added to uncertainty.

Higher oil prices have fed through to energy stocks. ConocoPhillips’ share price reached $113.12, its highest level in 14 months, according to Trading Economics. The stock has gained 18.15% over the past four weeks and 13.35% over the last 12 months.

Chevron shares also advanced, touching $186.53, a three‑year high and the strongest level since January 2023. The stock is up 12.81% in the past four weeks and 18.6% over the past year. Trading Economics data show both names benefiting from the sector’s improved pricing backdrop.

Broader U.S. equity indices opened lower on Thursday, with investors weighing the jump in energy prices alongside corporate earnings and shifting expectations for interest‑rate cuts. The Dow Jones Industrial Average (DJIA) fell by around 120 points, or 0.2%, while the S&P 500 (SPX) also traded in negative territory early in the session.

In telecom infrastructure, Liberty Global, InfraVia and Telefónica agreed to acquire Substantial Group, the UK’s second‑largest alternative fiber provider, for £2 billion. The acquisition will be executed through their joint venture, nexfiber.

The companies said the deal will expand their combined fiber network to 20 million premises across the UK. Alongside the purchase price, the parties are committing £1 billion in new net funding to support further network build‑out, underlining continued investment in next‑generation broadband capacity.

In consumer finance, Wells Fargo launched the Premier Autograph Visa Infinite Credit Card, a new product aimed at high‑net‑worth customers. The card is available only to Wells Fargo Premier clients, defined as those with at least $250,000 in qualifying balances.

The card offers 100,000 bonus points for spending $4,000 within three months, plus ongoing rewards of 5x points on hotels, 4x on airlines, 3x on other travel and dining, and 1x on other purchases. It carries a $95 annual fee, not waived in the first year, and includes a $50 annual airfare statement credit and a suite of insurance benefits such as primary rental coverage and trip interruption protection.

Premier Autograph points can be redeemed for cash at a 1:1 ratio or transferred to multiple airline and hotel partners, mostly at 1:1. The launch aligns Wells Fargo’s card offering more closely with premium travel‑rewards competitors while reinforcing its Premier banking franchise.