Oil Prices Soar Above $94 per Barrel Amid Tensions Between U.S. and Iran

Oil prices surged on Wednesday as Brent crude futures broke above $94 per barrel. The rise in oil prices pushed up stocks of major oil companies and exchange-traded funds (ETFs) such as Occidental Petroleum Corp. (OXY), Battalion Oil Corp. (BATL), United States Oil Fund (USO), and ProShares Ultra Bloomberg Crude Oil (UCO).

OXY rose more than 3% while BATL increased by over 1.5%. USO climbed more than 3% at the time of writing, with UCO rallying nearly 2% premarket.

The surge in oil prices follows ongoing tensions between the U.S. and Iran. The U.S. Central Command said it had carried out strikes on military targets in Iran for an 11th consecutive night to degrade Tehran's ability to threaten commercial shipping through the strait.