Crude Prices Soar After Saudi Aramco Facilities Attacked
A recent surge in crude oil prices has sent shockwaves through the energy sector, causing several stocks to jump in the afternoon session. The price of Brent crude futures rose $1.00 to settle over $98.00 a barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by over $2.00 to reach $93.65 a barrel.
The Saudi energy ministry reported that operations at several energy facilities in the country's south were halted after missile and drone strikes from Yemen's Houthis ignited fires, wounding more than 70 people. The Financial Times also reported that Saudi Aramco’s oil facilities in Jizan, home to a major 400,000-barrel-per-day refinery, were targeted in the extensive barrage.
Liberty Energy (NYSE:LBRT) led the pack, jumping 3.8%, while Green Plains (NASDAQ:GPRE), Murphy Oil (NYSE:MUR), Patterson-UTI (NASDAQ:PTEN), and Texas Pacific Land (NYSE:TPL) also saw significant gains of 3.1%, 3.3%, 2.5%, and 3.4% respectively.
Liberty Energy's shares have been volatile, with 33 moves greater than 5% over the last year. However, the recent surge is seen as a meaningful development, but not a fundamental change in the company's perception.