Investors leaned onto U.S. energy stocks on Monday, with the widening conflict in the Middle East boosting shares of major U.S. exploration and production and integrated-energy companies, in particular Chevron, whose stock zoomed toward a record high.
Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.
The war in the Mideast has effectively halted shipping through the Strait of Hormuz, threatening to push up gas prices and raise the cost of other goods.
