Oil stocks and ETFs jumped in overnight trading. Battalion Oil up over 16%; US Energy up over 12%; Indonesia Energy up 11%; UCO, Devon up over 4%.
Brent oil futures up 4.88% to $106.1 a barrel. President Donald Trump suggested that military operations could soon escalate, saying “over the next two to three weeks, we’re going to bring them back to the stone ages where they belong.” But he also suggested diplomacy would continue, adding, “in the meantime, discussions are ongoing.”
Storage shares slid in overnight trading. Micron, SanDisk down over 4%; Western Digital, Seagate Tech, Rambus down over 3%.
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