The crude oil market initially gapped higher to kick off the trading session on Thursday, as the market continues to see a lot of crosswinds. Having said this, the market still is likely to find buyers.

Diamondback Energy stock rose 5% and Occidental Petroleum rose nearly 5% as a swathe of energy-related stocks reacted to a jump in crude prices after Israel's attack on Iran. Conoco-Phillips' stock rose 4%, ExxonMobil rose 3% and Chevron gained 2.7%.

An hour with a big fixed income manager is a discussion of the big issues. Expect volatility, he says – a bit of a tired line, although not an untrue one.

The crude oil market has rallied during the session on Tuesday, as we are still in the midst of a massive breakout from a consolidation range that has been obvious for some time now.

At the time of this report, tensions are running high primarily between the US and Iran which have sent oil prices soaring. The recent tensions appear to be stemming from the comments made by the US President yesterday when asked if he will be able to convince Iran to shut down its nuclear program.

ONGC and Oil India share prices gained up to 5% in the morning trade on Thursday on surging crude oil prices. The rising crude prices improve the outlook on the net realisations that these upstream oil producers earn.

As for the other main ratings agencies, in late May, S&P Global Ratings said it expects U.S. oil and gas producers to reduce aggregate capital spending by 5% to 10% in 2025 “amid global economic uncertainty and heightened oil price volatility, capital discipline, and ongoing efficiency gains.”

On the back of an increase in diesel futures prices that has risen more than 13 cents/gallon in less than two weeks, the benchmark price used to set most fuel surcharges rose Monday for just the second time in nine weeks.