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Oil prices surge 70% in 26 days amid Iran war, pushing key energy stocks higher with supply disruptions ongoing.

Market News
07 Apr 2026
24/7 Wall Street
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Bullish
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Since the Iran conflict began, oil prices have jumped 70% in just 26 trading days, outpacing the 2022 Russia-Ukraine energy shock. WTI crude rose from $66.96 to $104.69, driven by supply disruptions at the Strait of Hormuz and record premiums from Saudi Arabia. Energy funds and stocks like USO, XLE, Occidental Petroleum, Phillips 66, and Devon Energy have seen significant gains, benefiting from the supply shock and high crude prices. The outlook remains uncertain as diplomatic efforts stall and global supply deficits persist, with crude possibly reaching $120 if the conflict continues without resolution.

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