Shares of energy and oil companies, including Chevron Corp (NYSE: NYSE:CVX) and Marathon Petroleum Corp (NYSE: NYSE:MPC), are trading higher Tuesday amid continued strength in oil prices in the wake of Russia's invasion of Ukraine.
The United States and its European allies have been discussing banning Russian oil imports over the last week, which has fueled the rise in energy and oil names. President Joe Biden on Tuesday announced the U.S. will be targeting the "main artery of Russia's economy" by banning all imports of Russian oil and energy.
Related Link: US Bans Russian Oil Imports In Response To Ukraine Invasion: What You Need To Know
Oil climbed to 13-year highs this week. WTI crude continues to trade higher Tuesday, hovering around the $125 level at publication time, while Brent crude, the international benchmark, is trading just below $130.
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. Marathon Petroleum is an independent refiner with 13 refineries in the midcontinent, West Coast and Gulf Coast of the United States.
CVX, MPC Price Action: At time of publication, Chevron was up 5.94% at $171.72 and Marathon Petroleum was up 2.71% at $76.55.
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