Top energy exchange-traded funds (ETFs) are seeing strong inflows as crude oil prices rally amid the escalating US-Iran crisis. The State Street Energy Select Sector ETF (AMEX:XLE), Vanguard Energy ETF (NYSE:VDE), and iShares Global Energy ETF (NYSE:IXC) have all jumped to a record high.
8% and 53%, respectively. 43 billion, $940 million, and $700 million, respectively.
XLE, VDE, and IXC ETFs have soared | Source: TradingView Crude Oil Prices Have Continued Rising Energy ETFs are benefiting from the ongoing crude oil price surge. 40, up 68% from its July low.
45, its highest point since September 16. Oil prices have continued to climb this month amid expectations of a further escalation between the US and Iran.
Media reports suggest that the US and Israel are planning another intense attack on Iran, a move Trump believes will force its leaders to capitulate. " Read Also: AI Sell-Off Spreads to Industrials: Caterpillar, GE Vernova, Vertiv Trapped in Bear Market Iran, on the other hand, has warned that its response to another attack will be more severe.
It has warned that it will hit energy and other civilian infrastructure in the region. Oil prices also held steady as the crisis between the US and Ukraine continued.
Crude Oil Technicals Suggest it May Hit $120 Technicals suggest that oil will jump to $120. The daily chart shows that Brent continued its strong rally this week.
8, while the Relative Strength Index (RSI) has moved to 74, a sign that it is gaining momentum. As such, the price may soar to $120 and above as the crisis escalates.
Brent crude oil price chart | Source: TradingView Rising Prices are Boosting Energy Stocks The ongoing crude oil price surge has boosted companies in the energy sector. 1% in the same period last year.
Top companies in the industry have jumped to a record high. ExxonMobil (NYSE:XOM) jumped to a record high of $183, bringing its valuation to $753 billion.
Chevron (NYSE:CVX) soared to $233, with its valuation hitting $460 billion. Other top names like ConocoPhillips, Marathon Petroleum, and Valero Energy have also soared to a record high.
