The escalation of the Iran situation drives oil prices higher, and U.S. energy stocks rise in pre-market trading

Investing.com – Before the market open on Monday, U.S. energy stocks generally rose following an increase in crude oil prices.

Brent crude oil futures rose 3% to $104.3 per barrel; U.S. WTI crude oil futures increased 3.2% to $98.40 per barrel.

The rise in oil prices is driven by U.S. President Donald Trump’s characterization of Iran’s response to the U.S. peace proposals as “unacceptable.” This statement has sparked market concerns over potential disruptions in oil supply — the Strait of Hormuz is currently essentially closed, and global oil market supply remains tight.

Regarding energy giants, Chevron (NYSE:CVX) rose about 1%, ExxonMobil (NYSE:XOM) also increased about 1%.

Oil and gas producers saw more significant gains, with APA Corp (NASDAQ:APA), SM Energy (NYSE:SM), Devon Energy (NYSE:DVN), and Occidental Petroleum (NYSE:OXY) all rising between 1.5% and 2.6%.

In the oilfield services sector, Liberty Energy (NYSE:LBRT) increased 1%, Halliburton (NYSE:HAL) rose 1.8%.

Refiners, Phillips 66 (NYSE:PSX) increased 1%, Marathon Petroleum (NYSE:MPC) rose 1.4%.

CVX -0.48% XOM -1.37% HAL +1.81% OXY -1.69% APA -1.88% DVN +0.66% CL +1.33% MPC +1.08% SM +1.17% PSX +1.93% LBRT +4.51% +1.85%

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CVX -0.48% XOM -1.37% HAL +1.81% OXY -1.69% APA -1.88% DVN +0.66% CL +1.33% MPC +1.08% SM +1.17% PSX +1.93% LBRT +4.51% OIL/USD +1.85%

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