Oil Stocks shined in morning trading on Monday. Houston American rose 65%; Indonesia Energy rose 40%; Robin Energy rose 37%; TMD Energy rose 25%; US Energy rose 15%; Battalion Oil rose 8%; Occidental rose 3%; Chevron and Exxon Mobil rose 1%.
Oil prices jumped on Monday to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply concerns.
Brent crude futures were up 72 cents or 0.93% to $77.73 a barrel as of 0806 GMT. U.S. West Texas Intermediate crude advanced 71 cents or 0.96% to $74.55.
Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains.
The rise in prices came after U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself.
Iran is OPEC's third-largest crude producer.
Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows.
Iran said on Monday that the U.S. attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called U.S. President Donald Trump a "gambler" for joining Israel's military campaign against the Islamic Republic.
Brent has risen 13% since the conflict began on June 13, while WTI has gained around 10%.
Given the Strait of Hormuz is indispensable for Iran's own oil exports, which are a vital source of its national revenues, a sustained closure would inflict severe economic damage on Iran itself, making it a double-edged sword, Sachdeva added.
Meanwhile, Japan on Monday called for de-escalation of the conflict in Iran, while a South Korean vice industry minister voiced concern over the potential impact of the strikes on the country’s trade.
Russian President Vladimir Putin will meet Iranian Foreign Minister Abbas Araqchi in Moscow on Monday, Russian Interfax agency said, citing Kremlin aide Yuri Ushakov.