Oil Prices Soar Above $90 a Barrel Amid Escalating Tensions with Iran

Oil prices surged overnight after the U.S. military launched its ninth consecutive night of attacks on Iran, escalating tensions between the two countries.

Brent crude oil prices rose above $90 a barrel in Asian trading, with WTI crude futures expiring in August climbing over 2% to $84.33 per barrel.

As a result, shares of multiple oil companies and oil exchange-traded funds climbed overnight, including Battalion Oil Corp. (BATL), Trio Petroleum Corp. (TPET), Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), the United States Oil Fund (USO), and ProShares Ultra Bloomberg Crude Oil (UCO).

Oil majors XOM and CVX rose around 1% each, while BATL climbed over 7% and TPET surged more than 8% in the overnight session.