Oil Price Spikes From Middle East Conflict Get Noticed on Wall Street
Wall Street has taken notice — share prices for companies in oil, gas, and drilling have moved higher with crude prices. The S&P 500 has dropped nearly one percent in that stretch. The energy sector within that index has rallied nearly 7 percent.
ExxonMobil said lower oil prices and refining margins will lower third-quarter profit as compared with the second quarter.
If Iran's oil installations are taken offline, oil prices could surge over $200 per barrel, SEB's Bjarne Schieldrop said.
WTI futures traded around $73.94 per barrel, as of 9 a.m. ET. That’s an increase of 3.37% in the last 24 hours.
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