Halliburton Company (HAL) Extends Rally Amid Higher Oil Prices

We recently published Market in Pain? Not For These 10 Celebrating Stocks. Halliburton Company (NYSE:HAL) is one of the top performers on Tuesday.

Shares of oil drilling firm Halliburton Company (NYSE:HAL) extended their winning streak to a fourth consecutive day on Tuesday, jumping 7.34 percent to close at $24.27 apiece as investors snapped up shares following the rise in oil prices.

Higher oil prices were sparked by immediate worries on supply risks, after Russia—one of the largest oil-producing countries globally—engaged in brewing tensions with members of the North Atlantic Treaty Organization (NATO) countries.

Halliburton Company (HAL) Extends Rally Amid Higher Oil Prices

This came after Russian jets were seen hovering on Estonian airspace for more than 10 minutes earlier this week before they were confronted and ordered to retreat.

NATO issued a stern warning to Russia after an emergency meeting called by Estonia, saying that it was ready to take necessary measures as it deems fit, including the use of armed force, if a member of the treaty is attacked.

Russia, on the other hand, accused Estonia of making up accusations, saying it was pursuing a “continuation of a completely reckless pattern of escalating tensions and provoking a confrontational atmosphere.”

As of writing, prices of Brent crude were up by 1.59 percent to $67.63 per barrel, while West Texas Intermediate rose by 0.46 percent to $63.70 per barrel.

Meanwhile, Halliburton Company (NYSE:HAL) rallied alongside its energy counterparts following the news.

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Disclosure: None. This article is originally published at Insider Monkey.