Energy Stocks Poised to Surge as Oil Prices Reach New Heights

Energy prices have been on the rise due to ongoing conflicts in the Middle East. West Texas Intermediate Crude recently climbed above $100 per barrel, following damage to a Saudi Arabian pipeline that bypasses the Strait of Hormuz.

While higher energy prices can be detrimental for consumers, charts indicate that certain energy and energy-related companies are poised for growth. Some names have already broken out of bullish patterns and reached new highs.

Sunoco (SUN) is one such company. With a dividend yield above 5%, it's trading at an all-time high. Analysts recently increased full-year earnings estimates by about 12% on average, projecting growth of around 120% next year due to the company's aggressive acquisition strategy.

Technically, Sunoco closed at an all-time high after breaking out of a tight ascending triangle pattern, with a short-term price objective of $88. However, there is no overhead resistance to prevent the stock from moving higher, potentially reaching this target quickly.