Oil Just Jumped on Trump's Iran Rejection -- and TotalEnergies Is Already Cashing In
In what's becoming a familiar development these days, the price of crude oil again floated higher on Monday. That followed President Trump's flat rejection, over the weekend, of an Iranian proposal to reopen the Strait of Hormuz, the choke point through which a vast amount of the world's oil is shipped. On Sunday, however, Trump seemed to backtrack, stating in an interview with Axios that American negotiators were expected to engage in talks with the Iranian side. All else equal, higher prices mean higher revenue and profitability for oil companies, particularly the integrated majors like TotalEnergies (NYSE:TTE) . On Sunday, the France-based company wasted no time deciding how to deploy a chunk of those potential gains. Investors weren't necessarily pleased with this news, however. Image source: Getty Images. Continue reading