As the conflict in Iraq escalates, oil prices are skyrocketing — the benchmark price of Brent Crude oil stood at more than $115 a barrel Wednesday, approaching a nine-month high according to Bloomberg. And some investors are maximizing on short-term business opportunities couched within the rising costs.
Stocks at Chevron, BP and ExxonMobil have reached record highs, in part because higher energy prices translate to larger revenue for producers, and because growing tensions abroad have made U.S.-based production companies more appealing, CNN reports.
So for anyone invested in those oil companies, the turmoil in the Middle East could mean financial success. However, energy experts warn that investors should keep an eye on the potential boomerang effect that often occurs after an energy scare.
More Must-Reads From TIME
- Why We're Spending So Much Money Now
- The Fight to Free Evan Gershkovich
- Meet the 2024 Women of the Year
- John Kerry's Next Move
- The Quiet Work Trees Do for the Planet
- Breaker Sunny Choi Is Heading to Paris
- Column: The Internet Made Romantic Betrayal Even More Devastating
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com