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Why Shares of ExxonMobil Gushed Higher Today

TheMotleyFool

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Why Shares of ExxonMobil Gushed Higher TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Another day and another swing in the price of oil. Following yesterday's slump, oil prices recovered today and are currently trading above $91 a barrel. That move was enough to send ExxonMobil (NYSE: XOM) higher by 3.9% at midday today.

The decline in the price of oil yesterday came as the Trump administration claimed positive discussions with Iran, and walked back on a threat of an imminent attack on Iran's power plants. Such an attack would have marked an escalation in the conflict. Moreover, Iran's military had threatened to indefinitely close the Strait of Hormuz, through which 20% of the world's energy flows, and attack regional energy infrastructure.

Image source: Getty Images.

Source Fool.com

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