Trio Petroleum Shares Soar 36.5% as Oil Tops $84 After Strait Blockage
Trio Petroleum shares surged 36.5% Friday after oil futures topped $84 per barrel when Strait of Hormuz shipments of 20 million barrels nearly halted due to Iranian attacks. The South Salinas Project comprises six idle wells and one active HV-1 well, and the stock is up 60.4% over the year.
1. Share Price Surge
On Friday, Trio Petroleum’s shares jumped 36.48%, trading at $2.17 and outperforming a 44% gain in the Energy sector while major indices fell around 1.0%. The stock has climbed 60.37% over the past year, approaching its 52-week high of $2.50.
2. Asset Overview
The company holds a working interest in the South Salinas Project and a contiguous mineral leasehold. This project includes six existing idle wells and one active HV-1 well, positioning Trio for increased production if oil prices remain elevated.
3. Geopolitical Drivers
The U.S.–Israel–Iran conflict has entered its seventh day, and an attack on a US-owned tanker near Kuwait has nearly halted shipments of 20 million barrels through the Strait of Hormuz. WTI crude futures climbed above $84 per barrel, driving energy equities higher.