WTI crude oil prices have surged to 11-year highs above $108 per barrel in March in the wake of the Russian invasion of Ukraine. The geopolitical instability has rattled financial markets, but the energy sector is soaring.
On Wednesday, OPEC and its partners agreed to stick to a previous plan to increase oil output slowly in April, suggesting elevated oil prices may be here to stay for the time being. Oil prices are good news for many companies within the energy sector because it boosts their margins and increases their profitability.
