Crude oil climbed to its highest price since 2014 after President Trump vowed to pull out of the Iran nuclear deal. Iran is the world’s fifth-largest oil producer, and American sanctions will choke off some of that supply.
The price of crude has been rising for more than two years, from $26 to $71 on Wednesday. That helps oil company profits, and Wall Street has jumped back on the energy bandwagon.
Energy stocks are up 12% in the past month, the best in the S&P 500. And they’re up 5% for the year, while the broader market is flat.