Here's Why Imperial Petroleum Shares Are Surging Higher Today

Imperial Petroleum Inc IMPP shares are trading higher by 8.76% to $0.42 Monday afternoon. Shares of several energy companies are trading higher amid a gain in oil and natural gas prices.

Energy companies have otherwise pulled back from recent highs and have been volatile in 2022 as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.

Smallcap oil penny stocks have also seen marked volatility in recent months due to supply concerns. Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.

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According to data from Benzinga Pro, Imperial Petroleum has a 52-week high of $9.70 and a 52-week low of $0.38.