Oil stocks climb as crude prices spike on rising Middle East tensions
** Shares of oil and gas companies were up premarket, tracking an around 2% gain in crude prices
** Crude oil prices jumped on rising concerns over escalating Middle East tensions, potentially disrupting crude output following Iran's biggest ever military blow against Israel
** "The more Iran gets directly involved in this conflict the greater the risk of oil supply disruptions ... Attention is now fully on how Israel will respond to this latest attack," ING strategists say
** Shares of Exxon Mobil XOM.N, Chevron CVX.N, Occidental Petroleum OXY.N, Marathon Oil MRO.N and Schlumberger N.V. SLB.N were up 1.4%-2.2% premarket
** The S&P 500 energy sector .SPNY jumped over 2% to its highest level in over a month on Tuesday, rising for a third straight day
** U.S. oil stocks' performances were in line with a jump in shares of European oil and gas companies
** However, the SPNY index is the worst YTD performer among the major 11 S&P 500 sector indexes
Reporting by Ankika Biswas in Bengaluru
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