Permian Resources, Granite Ridge Resources, ExxonMobil, and Viper Energy Shares Skyrocket, What You Need To Know - The Globe and Mail

A number of stocks jumped in the afternoon session after a Gulf tanker attack slowed traffic through the Strait of Hormuz, while hurricane-driven production halts shut in Gulf of Mexico output, the Financial Times noted. The resulting supply squeeze lifted Brent crude above $104 per barrel and West Texas Intermediate to $92, according to CNBC. When global supplies face sudden restrictions, benchmark crude prices tend to spike, boosting revenue expectations and profitability for major oil and gas producers across the energy industry. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Viper Energy’s shares are not very volatile and have only had 3 moves greater than 5% over the last year.