WTI Briefly Tops $100 as Energy Rally Lifts BP and Chevron

West Texas Intermediate crude briefly crossed $100 a barrel on Tuesday for the first time in nearly two months, extending a rally that saw prices jump roughly 6% over the past 24 hours to trade near $92. The surge, fueled in part by stalled U.S.-Iran negotiations over the Strait of Hormuz, made energy the market's leading sector on Monday even as the broader indexes slipped.

Oil majors rode the move higher. BP's U.S.-listed shares jumped about 2.1% after the company reported underlying replacement-cost profit of $5.7 billion, roughly $2.5 billion above the prior quarter and more than double year-ago levels. Chevron, coming off seven consecutive quarterly earnings beats, is now up nearly 25% year to date, while ExxonMobil leads the majors with a 31% gain.

For the broader market, the rally cuts both ways: higher crude bolsters energy earnings but revives inflation concerns just as investors await Wednesday's consumer price report.