Energy ETF & Stock Winners Of Last Week
Zacks Investment Research | Jun 23, 2019 09:55PM ET
Oil price surged last week on rising U.S.-Iranian tensions and hopes of rate cuts, which may stimulate global demand. Notably, Brent rose about 5% last week - its first weekly gain in five weeks - while crude jumped about 10% - its biggest weekly percentage gain since December 2016.
Tensions in the Middle East escalated after Iran shot down a U.S. drone over the vital oil shipping lane, the Strait of Hormuz. This can disrupt supplies from the Middle East, which provides more than a fifth of the world’s oil output. The tanker attacks in the Gulf of Oman, which feeds into the Strait of Hormuz, earlier this month also threatened oil supply (read: Original post
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