What Happened?
A number of stocks jumped in the afternoon session after the U.S. launched "self-defense strikes" on Iran as Trump warned the country "will have to pay the price" for stalling negotiations.
$90+ oil and a seventh consecutive inventory draw make sustained upstream spending the only logical decision for U.S. producers. The EIA reported that crude inventories fell 7.2 million barrels the previous week, the seventh straight draw, nearly double the 4 million barrel consensus, while Cushing hub stocks fell to around 22 million barrels, a level describes as "multi-decade lows" for total U.S. petroleum stocks. Oilfield services companies (SLB, Halliburton, Baker Hughes) are paid when E&P operators drill. When inventory is critically tight and oil is at $90+, producers expand rig counts and completion programs, not defer them. Iran's disruption of more than 11 million barrels per day of Middle East production placed U.S. upstream activity at the centre of global supply response, making sustained domestic drilling not just profitable but necessary.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Oilfield Services company TETRA Technologies (NYSE: TTI) jumped 7%. Is now the time to buy TETRA Technologies? Access our full analysis report here, it’s free.
- Oilfield Services company Patterson-UTI (NASDAQ: PTEN) jumped 3.7%. Is now the time to buy Patterson-UTI? Access our full analysis report here, it’s free.
Zooming In On TETRA Technologies (TTI)
TETRA Technologies’s shares are extremely volatile and have had 34 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 4.1% on the news that Israel and Iran launched direct strikes against each other over the weekend, the most significant test of the fragile ceasefire since April, pushing Brent crude briefly above $98 a barrel.
Energy equities followed oil higher as investors repriced the geopolitical risk premium into producer earnings forecasts. However, the gains moderated through the session. President Trump publicly called for an "immediate ceasefire," Iran declared its initial wave of strikes complete, and WTI pulled back from overnight highs to around $91 a barrel, up just over 1%. The sector's move was a direct function of conflict escalation risk: elevated enough to lift energy stocks meaningfully, not so extreme as to tip markets into full risk-off mode.
TETRA Technologies is up 6.7% since the beginning of the year, but at $10.45 per share, it is still trading 15.2% below its 52-week high of $12.32 from February 2026. Investors who bought $1,000 worth of TETRA Technologies’s shares 5 years ago would now be looking at an investment worth $2,785.
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