Energy Shares Rise as Oil Prices Drop More Than 4%

Attacks on Saudi Arabia and new incidents involving tankers in the Strait of Hormuz underscored the risks to Middle Eastern oil supplies even as crude prices retreated.

Separately, Canadian heavy oil producer Strathcona Resources agreed to buy oil sands producer Greenfire Resources in a deal valued at up to 2.9 billion Canadian dollars ($2.1 billion). Strathcona said over the weekend that it had reached a definitive agreement. Last year, the company sought to buy MEG Energy but was outbid by Cenovus Energy.