On September 8, BP PLC rose 3.45% in pre-market trading, trading at $45.32/share, as geopolitical escalation in the Middle East sent crude oil prices surging and lifted the entire integrated oil and gas sector.
Yemen's Houthi forces launched a large-scale retaliatory strike against Saudi Arabia, targeting Saudi Aramco facilities in Abha, Najran, and Jizan, as well as the King Khalid Air Base, using dozens of ballistic missiles and drones. Saudi Arabia's Energy Ministry confirmed multiple energy facilities were hit, with fires breaking out at several locations and operations temporarily disrupted. The coalition reported 73 civilian injuries. WTI crude surged over 3% to above $94 per barrel, while Brent crude climbed approximately 2.5% to near $99 per barrel. Goldman Sachs raised its Brent forecast by $5 to $85/barrel for December and its WTI forecast to $80, citing potential shipping disruptions lasting into next year.
Within the Integrated Oil & Gas sector, Exxon Mobil rose 1.84%, Chevron gained 1.49%, Suncor advanced 3.09%, Shell climbed 2.73%, and Occidental added 1.85%.
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