The energy sector is on track to enjoy a unanimous rally Tuesday, as the European Union’s ban on Russian oil has sent crude oil futures surging. The SPDR Energy Select Sector ETF XLE, +1.83% rallied 1.0% in premarket trading, with all 21 equity components gaining ground. The biggest gainer is Pioneer Natural Resources Co.’s stock PXD, +2.71%, which rallied 2.9% into record territory. Among the more active components, shares of Occidental Petroleum Corp. OXY, +3.20% ran up 2.7% toward a 3 1/2-year high, Marathon Oil Corp. MRO, +4.44% climbed 2.5% toward a 7 1/2-year high, Exxon Mobil Corp. XOM, +0.98% gained 1.1% toward an eight-year high and Chevron Corp. CVX, +0.96% advanced 0.8% toward a record high. Meanwhile, crude oil futures CL00, +3.18% jumped 3.3% to a two-month high of $118.84, and futures ES00, -0.32% for the S&P 500 SPX, +2.47% slipped 0.7%.
