OXY, BATL, USO, UCO Stocks Surge Premarket As Brent Breaks Above $94 A Barrel
Brent crude futures expiring in September rose to $94.25 per barrel at the time of writing, while WTI crude futures expiring in September were at $87.54 per barrel.
Battalion Oil, Trio Petroleum, United States Oil Fund, and ProShares Ultra Bloomberg Crude Oil stocks jumped overnight after oil prices surged to over $90 a barrel.
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BATL, TPET, WTI, XOM, USO Stocks Climb Amid Escalating US-Iran Conflict: Oil Nears $80 A Barrel
Oil prices surged in the overnight session on Sunday after the U.S. and Iran attacked each other amid escalating tensions.
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USO, UCO, XLE Rise On Renewed Iran Tensions: Analyst Says US Attack On Iran 'Destroys The MOU'
Iran struck three commercial ships in the Strait of Hormuz, following which the U.S. Treasury Department revoked a sanctions waiver that had previously allowed Iranian oil sales.
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USO, UCO Dip As Oil Prices Slide After Trump Declares Iran Deal 'Complete' — Analyst Sees $80 Brent By Year-End
U.S. President Donald Trump confirmed the deal with Iran in a post on Truth Social, adding that the Strait of Hormuz would reopen on Friday.
Oil prices climbed higher after reports emerged that the U.S. and Iran had exchanged fire, stoking concerns over the prolonged closure of the Strait of Hormuz.
U.S. crude oil inventories during the week ending May 15 decreased by 7.9 million barrels, according to data from the U.S. Energy Information Administration.
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Nasdaq, S&P 500 Futures Edge Higher, Dow Futures Flat Ahead Of Nvidia Results: IBRX, SLS, NVDA, CHWY Stocks In Focus
Chip manufacturer Nvidia is slated to post first-quarter results on Wednesday, expected to provide cues on artificial intelligence growth.