Shares of McDermott International (NYSE: MDR), the energy industry-focused construction and engineering company, are up 11.8% at 12:30 p.m. EDT on Oct. 11. It looks like a number of factors are at play for today's surge, including higher oil prices that have a number of oil stocks up and a strong rally on Wall Street that has the S&P 500 up nearly 1.5% on the day.
Two of the world's most important crude oil benchmarks are up big today. West Texas Intermediate, the key measure of oil prices in the U.S., and Brent, a major international benchmark, are up 1.5% and 1.2%, respectively, at this writing, following news of an Iranian oil tanker being attacked off the coast of Saudi Arabia.
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Source: Motley Fool
(October 11, 2019 - 1:23 PM EDT)
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