Why Oil and Gas Stocks Rallied on Thursday
Shares of oil and gas major stocks ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and (NYSE: COP) rallied on Thursday, up 3.8%, 3.4%, and 4.2%, respectively, as of 2 p.m. ET.
The cross-industry gains reflected higher oil prices, which were up 3.4% on the day to $64.60 per barrel at that time.
Oil prices have been on a downward trajectory amid the threat of tariffs and their effect on the global economy; however, last night, the Trump administration put fresh sanctions on Iran, as part of its negotiations with the country over its nuclear program. As Iran is a major oil and gas producer, new sanctions could cut off that supply and raise prices globally.
Source Fool.com
ConocoPhillips Stock
€103.06
-0.140%
The stock is one of the favorites of our community with 84 Buy predictions and 1 Sell predictions.
On the other hand, the target price of 102 € is below the current price of 103.06 € for ConocoPhillips, so the potential is actually -1.03%.
