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Energy shares retreated Thursday afternoon, dragging the NYSE Energy Sector Index down 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) lower by 1.4%.
The Philadelphia Oil Service Sector Index fell 1.7%, while the Dow Jones US Utilities Index dipped 0.1%. These declines coincided with escalating geopolitical risks and mixed commodity price movements.
According to CNN, President Volodymyr Zelensky stated that Ukraine intends to restart attacks on Russian oil refineries after a three-day pause linked to a sudden "energy ceasefire." In a separate development, CNN reported that two cargo vessels sank near the Strait of Hormuz within the last day following strikes by unidentified projectiles.
The report cited the Maritime and Port Authority of Singapore and the International Maritime Organization regarding the maritime incidents.
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