Commodities
Oil Prices Surge Past $105 as TXNM Seeks Revised Merger Approval
Energy stocks surged late Tuesday as oil prices jumped to $105.67 per barrel, a 4.2% increase from earlier in the day.
The rise in crude prices boosted the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) by about 2%, with the Philadelphia Oil Service Sector Index rising 1.9%.
TXNM Energy, which is seeking a revised merger approval from New Mexico regulators, saw its shares rise 1% after filing a motion to resubmit a revised application with $300 million in customer and community benefits.