Energy Leads Wall Street's Gains as Crude Hovers Around $52

Crude oil prices rallied on Monday, Oct. 16, as the potential for conflict in Iraq threatened to cut off exports. Reports indicated Iraqi forces have descended upon Kirkuk, a major oil-producing region in Iraq. The area had been occupied by Kurdish fighters. Troubles in the region have risen since a referendum in with the Kurds voted for independence.

Iraq is a member of the Organization of the Petroleum Exporting Countries, a cartel that has agreed to limit production to address a global supply-demand imbalance.

Prices were also higher after President Donald Trump refused to certify that Iran was complying with a nuclear agreement. Trump also called for new sanctions against Iran. Previous sanctions had taken roughly 1 million barrels of oil per day out of global supply.

West Texas Intermediate crude oil rose 0.8% to $51.86 a barrel on Monday.

The energy sector was the best performer on Monday. Major oil companies were higher, including Chevron Corp. (CVX) , Exxon Mobil Corp. (XOM) , ConocoPhillips (COP) , PetroChina Co. Ltd. (PTR) , Total SA (TOT) , BP PLC (BP)  and Statoil ASA (STO) . The Energy Select Sector SPDR ETF (XLE) increased 0.5%.

More of What's Trending on TheStreet:

Join us in New York City on Nov. 30 for The Deal Economy Conference, where leading industry experts and other influential members of the deal community will gather to discuss key issues that will confront dealmakers in 2018.

Join Jim Cramer, CNBC's Jon Najarian and Other Experts Oct. 28 in New York

Jim Cramer will host CNBC's Jon Najarian, TD Ameritrade's JJ Kinahan, famed analytics expert Marc Chaikin and other market mavens on Oct. 28 in New York City to share successful strategies for active investors.

You can join them as they discuss how smart investors can make the most of options trading, futures contracts, fundamental and quantitative analysis and great ETFs to buy right now. Participants will also get a chance to meet Jim and other panelists and take photos.

When: Saturday, Oct. 28, 8 a.m.-3 p.m.

Where: The Harvard Club of New York, 35 West 44th St., New York, N.Y.

Cost: $250 per person.

Click here for the full conference agenda or to reserve your seat now.

More from Futures

Facebook's Earnings Beat and 4 Other Stories You Must Know Premarket Thursday

Facebook's Earnings Beat and 4 Other Stories You Must Know Premarket Thursday

Facebook Prepares for Earnings and 4 Other Stories You Must Know Wednesday

Facebook Prepares for Earnings and 4 Other Stories You Must Know Wednesday

Bitcoin Today: Prices Surge Past $9,000 Mark as Rally Continues

Bitcoin Today: Prices Surge Past $9,000 Mark as Rally Continues

Alphabet's Earnings Beat and 4 Other Business Stories You Must Know Tuesday

Alphabet's Earnings Beat and 4 Other Business Stories You Must Know Tuesday

Alphabet Earnings and 4 Other Business Stories You Must Know Monday Morning

Alphabet Earnings and 4 Other Business Stories You Must Know Monday Morning