Why ConocoPhillips Stock Popped Today
ConocoPhillips (NYSE: COP) stock jumped 3.3% through 11:05 a.m. ET Tuesday, and it's not hard to guess why.
New U.S. sanctions on Russian oil, combined with Russian oil major Lukoil declaring force majeure and canceling shipments from its West Qurna-2 oil field in Iraq, have oil prices marching higher. According to Oilprice.com, both West Texas Intermediate (WTI) and Brent crude prices spiked 1.3% today, and higher prices are pulling oil stock prices higher along with them.
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Source Fool.com
