Key Highlights

● Equinor rose Friday as Brent settled at $109.86, its highest level since May 19.

● Iran's tanker attacks in the Strait of Hormuz and Russian refining threats drove crude.

● Energy was the top-performing sector while the S&P 500 fell 84.62 points to 7,659.44.

● Eni reports Oct 23, Halliburton reports Oct 20, and the Fed decides Oct 28.

Oil's surge lifts Equinor

Equinor (NYSE:EQNR), whose American depositary shares trade in New York, rose solidly on Friday, according to market data, which listed it among the session's notable energy gainers. The Norwegian energy company, one of Europe's largest oil and gas producers, rode a sharp rally in crude prices.

Brent crude, the international benchmark that most closely tracks Equinor's North Sea output, rose $3.94 to settle at $109.86 a barrel, its highest level since May 19, according to market data. It touched $110 during the session for the first time since May, market reports showed. U.S. crude also climbed, trading above $101 intraday, though closing quotes varied by contract and source.

Equinor is majority-owned by the Norwegian state and is a major supplier of natural gas to Europe, alongside its oil production. Higher crude prices tend to flow quickly into the earnings expectations of producers like Equinor, which is why its shares often move in step with Brent.

Hormuz and Russian supply fears

The rally was driven by supply risks. Iran escalated attacks on tankers in the Strait of Hormuz, a key route for global oil shipments, and there were threats to Russian refining, according to market reports.

Washington's rhetoric added to the tension. "Now, we're looking at Pickaxe Mountain. We may have to go there," President Donald Trump said. In Congress, Rep. Gregory Meeks introduced a bipartisan bill to revoke Russian energy transaction licenses, reports indicated.

ING commodities strategists said oil is "pricing in a significant risk premium." There was an offsetting factor: the International Energy Agency pledged to release the remaining 100 million barrels under its March agreement, a Saxo Bank analyst noted.

Higher crude is already showing up at the pump. U.S. gasoline averages $4.33 a gallon, compared with $3.06 a year ago, per market data.

Energy leads a split market

Energy was the top-performing sector on Friday. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) both rose, according to market reports. Diamondback Energy (NASDAQ:FANG), Kinder Morgan (NYSE:KMI) and Targa Resources (NYSE:TRGP) jumped, and ConocoPhillips (NYSE:COP) hit an intraday record high, market data showed. Smaller producers such as Crescent Energy (NYSE:CRGY) and Matador Resources (NYSE:MTDR) surged.

The rest of the market had a harder time. There is no reported closing level for the NYSE Composite, where Equinor's shares are listed. The S&P 500 fell 84.62 points to 7,659.44 and the Nasdaq Composite dropped 572.99 points to 26,140.03 as chip and software stocks sold off. The Dow Jones Industrial Average slipped 175.28 points to 52,002.41 but rose for the week.

Investors rotated into energy, utilities and consumer staples as worries grew about how the AI build-out will be financed.

Equinor Eyes Eni Report and Brent

For Equinor, the path of Brent crude remains the key driver. Developments in the Strait of Hormuz and any action on Russian energy will be watched closely, as will the pace of the IEA's stock release.

The Federal Reserve's decision on Oct 28 will also matter, since higher energy prices feed into the inflation picture the central bank is weighing. The European energy group gets a read on earnings next week, when Italy's Eni (NYSE:E) reports before the open on Oct 23. In the U.S., Halliburton (NYSE:HAL) reports Oct 20, Kinder Morgan Oct 21, Valero (NYSE:VLO) Oct 22 and SLB (NYSE:SLB) Oct 23.