Commodities
CRAK Hits New High Amid Escalating Oil Price Tensions
The VanEck Oil Refiners ETF (CRAK) has reached a new 52-week high, indicating a strong performance in recent months. The fund has gained 75.41% from its 52-week low price of $35.06 per share.
CRAK tracks the MVIS Global Oil Refiners Index, which provides exposure to companies involved in crude oil refining. The underlying index is a rules-based, modified capitalization-weighted index that aims to track the performance of these companies.
The fund's success can be attributed to rising oil prices amid renewed hostilities between Washington and Tehran. With supply risks elevated, oil prices have gained, benefiting CRAK in the process.