Energy Stocks Rise After Middle East Tensions Widen
- Crude prices could easily go above $100: CIBC’s Babin
- Energy drillers and oil majors could be among beneficiaries
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Energy stocks are heading for their second weekly gain and could continue to perform well as global tensions push oil prices higher.
The S&P 500 energy index rose nearly 1% this week, and climbed 4.5% last week, as crude oil prices have jumped. As the Israel/Gaza war shows signs of spreading in the Middle East, traders have grown more concerned that in addition to the human tragedy, the supply of oil could be disrupted, further boosting prices.