ConocoPhillips (NYSE:COP) shares are trading higher Wednesday morning as escalating tensions between the U.S. and Iran sent crude prices sharply higher and boosted investor appetite for oil producers.
ConocoPhillips shares are trending higher.
Why are COP shares climbing?
Oil Prices Jump On Middle East Supply Risk The move follows a report that President Donald Trump declared a tentative ceasefire and memorandum of understanding with Iran "over," after recent attacks on commercial vessels in the Strait of Hormuz.
The breakdown pushed WTI crude above $74 per barrel and Brent near $79 as traders priced in renewed supply risk from one of the world’s most important energy chokepoints.
