Yesterday, oil prices surged by 1% following Iran's seizure of an oil tanker near Oman's coast, intensifying concerns over heightened Middle East tensions. Brent futures climbed 61 cents to $77.41 a barrel, and U.S. West Texas Intermediate (WTI) crude rose by 65 cents, settling at $72.02, indicating potential geopolitical risks.
Anticipating a future surge in oil prices, I examined two energy stocks, Exxon Mobil Corporation (XOM) and Valero Energy Corporation (VLO), to ascertain which holds greater potential for superior gains in 2024. Prior to evaluating these stocks, let's delve into the factors influencing oil prices.
