The oil trade is game on.
Brent crude prices breached $80 a barrel on Thursday, May 17, amid concerns over Iranian output following the U.S. decision to back out of the economic and nuclear pact that was signed under the previous administration.
European companies have followed the U.S. lead, with Total SA, France's oil giant, halting work on an Iranian natural-gas project and warningd that it may pull out of a $1 billion joint venture with the country.
Brent crude, the global benchmark, was trading at three-and-a-half-year highs, up 0.73% at last check to $79.87 a barrel, while while West Texas Intermediate crude, the U.S. benchmark, rose 0.62% to $71.93.
Here are how some industrial stocks that are part of the Action Alerts PLUS portfolio were doing following the rise in oil prices.
- Cimarex Energy Co. (XEC) shares rose 0.6%.
- Schlumberger Lts. (SLB) shares were up 2.2%.
- Honeywell International Inc. (HON) shares rose 0.2%.
- Anadarko Petroleum Corp. (APC) shares were up 1.6%.
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