US energy stocks gain after Middle East conflict drives oil surge

*S&P 500 energy index .SPNY up 1.4%, tracking crude prices rising due to fresh conflict in the Middle East O/R

Brent crude futures LCOc1 rise as much as 13% to $82.37 a barrel, the highest since January 2025, before retreating to $77.82 a barrel

U.S. West Texas Intermediate crude CLc1 climbs more than 12% to intraday high of $75.33 per barrel, its highest since June; last up 5.7% at $70.88

Piper Sandler says some investors expect the rally to fade, but it thinks supply risks from the escalation will keep upward pressure on oil and energy stocks and reduce the chance of 2026 price weakness

Energy majors Exxon Mobil XOM.N and Chevron CVX.N up 1% and 1.3%, respectively

*Marathon Petroleum MPC.N, Valero Energy VLO.N, ONEOK OKE.N, and Conocophillips COP.N up between 3% and 4.6%; among the top percentage gainers on the energy index

Oilfield service providers Halliburton HAL.N up 1.3% and SLB SLB.N gains marginally

Refiner Phillips 66 PSX.N up 2.4%