Permian Stocks Poised for Gains as WTI Crude Approaches $100

Oil prices have surged to over $95 per barrel due to intensifying conflicts in the Middle East, and West Texas Intermediate (WTI) crude is not far from hitting $100.

This favorable pricing environment is expected to continue supporting exploration and production activities in the US.

The Energy Information Administration projects WTI to reach $80.88 per barrel this year, higher than last year's price of $65.40.

The Permian Basin, the most prolific basin in the US, is likely to benefit from the high oil prices, with total crude oil production estimated at 6.78 million barrels per day this year, up from 6.60 million barrels per day last year.