Why Imperial Petroleum Shares Are Rising

Shares of small-cap penny stock Imperial Petroleum Inc IMPP are trading higher by 9% at $0.39. The stock has been trending amid retail investors on social media. Shares of energy and oil companies at large are also trading higher amid a gain in oil after Saudi Arabia suggested OPEC+ could make output cuts to support prices.

Energy names, including Imperial Petroleum, have also seen marked volatility in 2022 amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns.

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Imperial Petroleum is a provider of international seaborne transportation services to oil producers, refineries and commodities traders.

According to data from Benzinga Pro, Imperial Petroleum has a 52-week high of $9.70 and a 52-week low of $0.34.