Battalion Oil Corporation shot up 35.68% to $16 in overnight trading after a 114% rally in prior trading session with traders snapping up smaller energy plays after crude spiked on fresh escalation in the Iran conflict.

Oil took center stage. Brent crude futures, the international standard, surged up to 13%, touching $82.37 a barrel before pulling back. U.S. West Texas Intermediate (WTI) briefly hit $75.33. U.S. and Israeli strikes on Iran, answered by Tehran, snarled shipping through the Strait of Hormuz—a crucial artery for global energy. “The latest move reflects uncertainty around the scale and duration of the current conflict,” said James Hosie at Shore Capital. OPEC+ on Sunday signed off on a 206,000-barrel-per-day output hike for April.

That’s key for a stock like BATL, which often moves as if it’s a leveraged play on oil prices. As crude surges, traders usually jump into the producers—small-caps included—before poring over the balance sheets.

Chip stocks slid in overnight trading. Credo down over 7%; UMC down about 3%; SOXL down over 2%; SanDisk, AMD, Broadcom, Intel down around 1%.