Trio Petroleum Corp. ( TPET ) and Battalion Oil Corp. ( BATL ) surged in after-hours trading on Wednesday, gaining 13.51% and 10.44%, respectively.

The stocks moved in the extended trading session comes amid an escalating U.S., Israel and Iran conflict, which remains the main catalyst.

The conflict, which is now in its 12th day, has rattled global energy markets.

Geopolitical Fear Trade Fuels Energy Names

The stocks of the two independent energy companies have rallied since the conflict began on Feb. 28, fueled by rising geopolitical tensions in the Middle East.

Traders are pricing in a prolonged disruption to the Strait of Hormuz, a critical chokepoint that moves roughly 20 million barrels of oil and petroleum products daily.

BATL Adds Strategic Acreage in All-Stock Deal

Battalion added a company-specific catalyst on Tuesday. The Houston-based company announced an all-stock deal to acquire 7,090 net acres in Ward County, Texas, from RoadRunner Resource Holding LLC.

Last week, Battalion also announced a private placement to raise approximately $15 million at $5.50 per share, with Roth Capital Partners as the sole placement agent.

Trading Metrics

 Metrics of the small-cap oil explorer:

According to Benzinga Pro data, BATL closed Wednesday at $19.45, down 6.31%, while TPET ended the session at $1.48, down 5.13%.

With a strong Momentum in the 99th percentile, Benzinga’s Edge Stock Rankings indicate that BATL has a positive price trend across all time frames.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.