Investing.com -- Energy stocks saw an upward trend on Monday as oil prices increased due to the potential impact of new US sanctions on Russian oil supplies.
These sanctions are expected to limit supplies from Russia, one of the world’s leading crude oil producers. The S&P 500 Energy Index, which includes 22 members, was the best performer among the 11 sectors in the broader market on Monday, with a growth of 2.4%.
On this day, all members of the energy index experienced an increase. Valero led the pack with a 6.5% rise, followed by Marathon Petroleum (NYSE:MPC) with a 5.8% increase and APA with a 4.2% gain.
Other prominent energy-sector companies also saw significant gains. PBF Energy (NYSE:PBF) rose by 8.1%, Par Pacific Holdings (NYSE:PARR) by 6.9%, Delek Holdings by 7.5%, and Parkland by 3.5%.
In addition, the VanEck Oil Refiners ETF, which tracks the performance of the largest and most liquid companies in the global oil refining sector, also saw an increase of 1.7% on Monday.
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