Shares of offshore drilling contractor Transocean Ltd (NYSE: NYSE:RIG) are trading higher Monday amid a continued surge in oil prices in the wake of Russia's invasion of Ukraine.
Oil climbed to 13-year highs over the weekend. WTI crude traded above $130 Sunday evening while Brent crude, the international benchmark, traded above $139 before pulling back modestly.
As geopolitical tensions rise, supply disruptions continue to push oil prices higher. The U.S. on Monday signaled that it's willing to ban Russian oil imports into the country regardless of ally participation, which has added fuel to the move.
Piper Sandler analyst Ian Macpherson maintained Transocean with a Neutral rating and raised the price target from $1 to $3.
Transocean commands one of the largest deep-water fleets in the world. The company's oil rigs operate globally, but the major deep-water basins are in West Africa, Brazil and the Gulf of Mexico.
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RIG 52-Week Range: $2.63 - $5.13
Transocean shares were up 16.9% at $4.96 Monday afternoon.
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