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Why ConocoPhillips Stock Popped Today

TheMotleyFool

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Why ConocoPhillips Stock Popped Today: https://g.foolcdn.com/editorial/images/842137/oil-pump-jack-against-a-sunset.jpg

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.

Image source: Getty Images.

Source Fool.com