U.S.-Iran Tensions Fuel Oil Price Surge, Energy Stocks Soar

Oil prices surged in the premarket session after reports emerged that the U.S. and Iran had exchanged fire, sparking concerns over the prolonged closure of the Strait of Hormuz.

The U.S. military reportedly struck a military site in Iran, while also shooting down four Iranian attack drones viewed as a threat around the Strait.

In response, Iran's IRGC claimed to have targeted a U.S. air base, stating that 'aggression will not go unanswered.'

Shares of major energy companies and related ETFs soared in Thursday's premarket trading session as oil prices climbed after the U.S. and Iran traded air strikes.

Battalion Oil Corp. (BATL) surged by over 15%, while Sky Quarry Inc. (SKYQ) rallied by more than 14% at the time of writing.