Two Oil Stocks to Watch After the Middle East Escalation
Bryan Bottarelli Head Trade Tactician Monument Traders Alliance
Israel recently launched airstrikes against Iran without U.S. support - and energy stocks responded.
Chevron and ExxonMobil both rallied 3% in premarket trading on Monday morning, while ConocoPhillips jumped more than 4%.
Oil prices have eased since Monday's pop, but I believe this could be the beginning of a broader rally in the oil sector...
As Barron's recently noted:
If escalation against Iran leads to a disruption in shipping through the Strait of Hormuz, this could impact oil flows from the Persian Gulf… a significant disruption to these flows would be enough to push prices to $120 a barrel.
This could be the time to start watching oil stocks closely.
One company at the top of my watchlist is Chevron (CVX).
With recent price movements in oil, I believe the oil tycoon could make a move toward the $160 level.
But that's not the only stock on my radar.
I'm also keeping a close eye on C.H. Robinson Worldwide (CHRW). This company is a logistics and supply chain group that could feel pressure from rising fuel costs.
Fuel surcharges are a key component of freight pricing and sustained higher oil prices could negatively impact the firm's margins.
So, if oil heads higher, C.H. Robinson could see some downsides.
Bottom line: These are two names I'll be watching closely for potential trades in The War Room.
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