Oil prices jumped above $100 per barrel on Monday after President Donald Trump on Sunday threatened to block ships from Iranian ports. This came after talks to end the ongoing U.S.-Israel-Iran war hit a wall, putting last week’s two-week ceasefire on shaky ground.
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Big Oil Stocks Rise as Crude Hits $100
TipRanks’ Best Oil Stocks tool shows that analysts believe crude oil producers such as ConocoPhillips (COP) and Chevron (CVX) stand to attract the biggest upside as the Middle East conflict keeps energy prices elevated. Independent oil and gas producer EOG Resources (EOG) is also standing alongside the oil majors in terms of upside.
As of 4:12 a.m. EST, the global oil futures benchmark Brent Crude (CM:BZ) was up 7.70% to $103.95, while the key U.S. oil gauge, the West Texas Intermediate (CM:CL), jumped by 8.59% to $103.98. Shares of leading U.S. oil companies Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) also rose during Monday’s pre-market trading session.
‘The Blockade Will Begin Shortly’
Last Tuesday, Trump announced a temporary suspension of attacks on Iran, with the ceasefire conditional upon the Middle Eastern country reopening the strategic Strait of Hormuz. About one-fifth of the global oil supply passes through the waterway.
However, Iran’s demand to collect tolls from vessels passing through the strait as a condition for ending the war has drawn strong criticism from the U.S. The U.S. Central Command on Sunday in an X post said the U.S. military will commence the naval blockade by 10 a.m. ET on Monday.
“The Blockade will begin shortly,” Trump stated in a Truth Social post. He added, “Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION.”
The latest face-off dashes hopes of a resolution on the horizon and could deepen the global energy crisis triggered by the conflict. Already, spot prices for physical oil are now above $140 per barrel.
Which Is the Best Oil Stock to Buy?
ConocoPhillips (COP) currently offers the biggest upside of leading companies in the sector, according to TipRanks’ Best Oil Stocks tool. COP presently boasts over 11% upside based on an average price target of $136.41.
However, analysts’ consensus rating on the stock is Moderate Buy.
