Shares of energy companies rose amid volatility in oil futures.

Oil fell by more than 2% in New York, despite Houthi rebels' claims of more attacks on Saudi Arabian energy facilities.

A levelling-off of oil prices could reduce the risk of "demand destruction" for producers.

The Group of Seven nations recently agreed to release 100 million barrels of oil and processed fuels from stockpiles.

"Maybe this release of some stockpiles is influencing [oil]," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Based purely on the update from Iran, you'd expect oil prices would be up not down."

Saudi Aramco Chief Executive Amin Nasser said that global oil inventories have been sharply depleted by the Middle East conflict and could take as long as two years to rebuild, even after flows through the Strait of Hormuz normalize.

Centalion, the commodities trader formerly known as Gunvor, has bought a collection of natural-gas assets from Silver Hill Energy Partners in a deal valued at around $1.5 billion.