Crude Tops $87 as Energy Shares Extend Their Run

Oil prices pushed higher this week, with WTI crude topping $87 a barrel in Thursday trading — extending a 2026 rally that briefly carried the benchmark above $100 earlier this summer. Tight supply and resilient demand have kept the energy tape firmly bid even as broader equities wobble.

BP gained more than 3% on the session as investors positioned in names most leveraged to firmer crude, refining margins, and trading conditions, with the company still riding momentum from a strong earnings report and improved shareholder returns. Chevron, up roughly 29% year to date, continues to trail only ExxonMobil among the majors.

Higher energy prices cut both ways for the market: they fatten producer cash flows and dividends, but Thursday's move also fed the inflation worries that have kept Treasury yields elevated ahead of next week's Jackson Hole symposium.