Murphy Oil shares climbed about 3% in today’s session, tracking a broad bid in energy equities as crude prices pushed higher. The immediate driver is the jump in oil prices tied to intensifying geopolitical risk around Iran and renewed concern over oil flows through the Strait of Hormuz.

Benchmark U.S. crude rose roughly 3% as markets repriced supply-risk scenarios connected to the Iran conflict and the potential for further disruption to shipping through the Strait of Hormuz. With crude moving sharply higher relative to the broader equity market, investors rotated into upstream producers that tend to benefit directly from higher realized prices and improved near-term revenue expectations.

As an exploration and production company, Murphy Oil’s earnings sensitivity is tightly linked to crude pricing, so an upswing in WTI typically translates into upward revisions to cash-flow and valuation assumptions. The latest move looks primarily macro-driven rather than company-specific, with the tape reflecting higher oil beta across the sector as traders position for continued volatility in crude markets.