Oil Prices Soar to Six-Year High, Boosting Permian Producers

Oil prices have been on the rise due to ongoing tensions in the Middle East. West Texas Intermediate (WTI) crude is currently hovering around $90 per barrel, with expectations of it reaching $84.65 per barrel by the end of the year.

The high oil price environment has been supporting exploration and production activities in the United States, particularly in the Permian Basin, which is the most prolific basin in the country.

Three major players in the Permian Basin are likely to benefit from this trend: Diamondback Energy (FANG), ExxonMobil Holdings Corporation (XOM), and Chevron Corporation (CVX).