West Texas Intermediate (WTI) crude oil prices surged by over 3.5% and crossed the $85 per barrel threshold.

Why It Matters

Geopolitical conflicts in regions with significant oil production or transportation infrastructure, such as the Middle East, can lead to concerns about the stability of oil supplies.

BP is a major player in the global oil market, and any disruptions in the oil supply chain tend to increase oil prices, benefiting companies like BP that are involved in oil exploration, production and distribution.

See Also: Goldman Sachs Bullish On Crude Oil With Israel, Hamas At War

As the conflict escalates, there is a heightened risk of supply disruptions in the Middle East, which is a major oil-producing region. This uncertainty can cause oil prices to surge.

BP's profitability is directly linked to the price of oil, so higher oil prices can lead to increased revenues and improved financial performance for the company.

According to data from Benzinga Pro, BP has a 52-week high of $41.38 and a 52-week low of $29.98.