Oil stocks have more room to run as tension in the Middle East escalates

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Crude Oil Prices Notizia

Brent Crude Oil,Supply Disruption,Rystad Energy’S Claudio Galimberti

Oil companies with limited exposure to the Middle East may be a way to hedge against potential disruptions.

) futures surged 9% this week — its biggest weekly gain since March 2023 — driven by escalating tensions in the Middle East.

Judging by the stock moves this past week, it looks like Wall Street agrees. Exxon shares surged 7.8% to an all time high, while Chevron climbed 3.6%. “It is likely to lead to appreciation in the U.S. dollar, Japanese yen, and Swiss franc; higher commodity and 10-year U.S. Treasury note prices; and lower equity markets,” Christopher wrote in a client note this week.Israel has banned large gatherings as thousands of people are expected to turn out across the country to commemorate the Oct 7 massacre.

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Stocks lose ground, oil extends gains amid Middle East tensionThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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