Shares of U.S. energy companies moved higher in premarket trading on Monday, tracking a sharp rise in crude oil prices following an escalation of conflict in the Middle East.
Brent crude futures jumped as much as 13% to $82.37 per barrel — their highest level since January 2025 — before easing back to $79.39 per barrel by 08:57 GMT. U.S. West Texas Intermediate (WTI) crude reached an intraday peak of $75.33, gaining more than 12% and marking its strongest level since June.
Among major oil producers, Exxon Mobil (NYSE:XOM) climbed 5.9%, while Chevron (NYSE:CVX) rose 4.1%. Oilfield technology company Baker Hughes (NASDAQ:BKR) advanced 5.6%, and ConocoPhillips (NYSE:COP) gained 6.2%.
Independent exploration and production firms also posted solid gains, with SM Energy (NYSE:SM), Occidental Petroleum (NYSE:OXY), Coterra Energy (NYSE:CTRA) and Devon Energy (NYSE:DVN) rising between 6% and 7.5%.
Oilfield services providers Halliburton (NYSE:HAL) and SLB (NYSE:SLB) added 5.7% and 4.3%, respectively, as higher crude prices improved the outlook for energy-sector activity.