Shares of energy companies rose alongside oil and natural gas futures as investors weighed geopolitical risks and an impending storm.
Natural gas futures had their biggest one-week jump on record, adding 70% to $5.28 per million British thermal units, amid concerns about the Winter Storm Fern's implications for infrastructure and energy demand.
President Trump said a U.S. "armada" was heading to Iran, where the U.S. has observed violent crackdowns on protesters and a destabilized regime.
One brokerage said Trump's strategic goals with his Greenland gambit were unclear, but could include securing shipping lanes and providing an alternative rationale for tariffs.
"Melting sea lanes and the opening of the Arctic - could perhaps elevate Greenland's strategic importance - although wide bands of uncertainty exist around this specific scenario," said strategists at brokerage Jefferies, in a note to clients.
Another rationale for Trump's warnings to Europe on Greenland-related tariffs could be a hedge against an unfavorable ruling on the legality of recently imposed duties in the pending Supreme Court case. "Legal positioning for tariffs - creating a 'national emergency'" justification if the Supreme Court rules against Trump's tariff authorities," said the Jefferies strategists.
Oil-services giant SLB plans to quickly scale up operations in Venezuela, echoing rival Halliburton's view that the country is ready for infrastructure repairs.
The South American nation's interim government unveiled a bill to loosen the state's control on the oil industry, although analysts said it fell short of the kind of measures needed to draw large-scale foreign investment.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
January 23, 2026 16:58 ET (21:58 GMT)
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