Are ExxonMobil and Chevron the Best High-Yield Energy Stocks to Buy Now That Oil Just Topped $80 per Barrel?

U.S. benchmark West Texas Intermediate (WTI) crude oil prices topped $80 per barrel on Jan. 15 after closing out 2024 closer to $70 per barrel. Geopolitical policy is driving higher prices.On Jan. 10, the U.S. hit Russia with strict sanctions, driving up prices. To quote a press release by the U.S. Department of State: "The United States is imposing sanctions today on more than 200 entities and individuals involved in Russia's energy sector and identifying more than 180 vessels as blocked property. This wide-ranging, robust action will further constrain revenues from Russia's energy resources and degrade [Russian President Vladimir] Putin's ability to fund his illegal war against Ukraine."Assuming consistent demand, higher oil prices can increase oil companies' profits. But if demand falls due to an economic slowdown, it can erode some benefits of higher profit margins.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool