WTI - Why Oil Stocks Are On Fire Today
The U.S. military executed a drone strike against one of Iran's top military leaders in Iraq. The move sparked fears that it would further escalate tensions in the Middle East, which could disrupt the flow of oil out of the region.
Crude prices shot up on the news. The U.S. oil benchmark, WTI, rallied nearly 4% to more than $63 per barrel by 10:30 a.m. EST on Friday, which was its highest level in eight months. The uptick in oil prices is fueling big gains in energy stocks, especially of smaller oil and gas producers. Leading the way are Centennial Resource Development (NASDAQ: CDEV), Extraction Oil & Gas (NASDAQ: XOG), Denbury Resources (NYSE: DNR), W&T Offshore (NYSE: WTI), and Whiting Petroleum (NYSE: WLL). Each one rallied more than 10% at some point on the day.
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