Oil prices have hit a seven-year high for the first time since 2014. Brent crude oil, an international benchmark for oil prices, is above $105 a barrel. The United States and its allies will impose “severe sanctions” on Russia, according to Joe Biden’s announcement. Russian financial institutions, businesses, and other government entities will be affected by the sanctions. NATO territory defense could lead to higher energy costs for the public, according to Vice President Biden. European energy prices rose by about 30 percent after these attacks because oil and gas are primarily transported through Ukraine, and Russia is the primary supplier. Because Iran’s oil production will be unable to match Russia’s, global oil prices will rise if major superpowers succeed in isolating Russia and striking oil deals with Iran.
Insider Monkey selected oil stocks to buy amid the Ukraine crisis. Profits for the fourth quarter were reported by Valero Energy Corporation. The company’s EPS came in at $2.47, which was $0.63 higher than expected. Over the same period last year, revenue increased by 116.23 percent to $35.90 billion. Market expectations had predicted an EPS of $0.77 and $1.80 billion revenue for Marathon Oil Corporation. According to the analyst’s report, in the fourth quarter, the company “abruptly shifted from balance sheet repair to shareholder return.” On February 2, Marathon Petroleum Corporation reported its fourth-quarter results, announcing earnings per share of $1.30, an amount $0.74 higher than the analysts’ consensus estimate. Over the course of the quarter, revenue increased nearly 96% to $35.61 billion. The fourth-quarter results of Shell Plc were released on February 3. The company’s earnings per share (EPS) came in at $1.66, which was $0.41 above expectations. Additionally, $8.5 billion in share buybacks for the first half of 2022 have been formally announced. Oil and gas conglomerate Phillips 66 is based in the United States. The company’s earnings per share came in at $2.94, which was $1.01 higher than expected. Over the course of the year, revenue increased by more than 100 percent to $33.57 billion. For more details, click 10 Oil Stocks To Buy Amid The Ukraine Crisis.
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