Why U.S. Well Services Shares Are Soaring Today

U.S. Well Services Inc USWS is surging Tuesday morning amid a rise in oil prices in the wake of Russia's invasion of Ukraine. 

The United States and its European allies have been engaging in discussions about banning Russian oil imports. On Monday, the U.S. signaled a willingness to stand alone in banning imports, which helped fuel the move in oil prices. 

Oil climbed to 13-year highs this week. WTI crude continues to trade higher Tuesday, nearing $125 at publication time, while Brent crude, the international benchmark, is hovering around $130. 

U.S. Well Services is an oilfield service provider of well stimulation services to the upstream oil and natural gas industry. The company is engaged in high-pressure hydraulic fracturing in unconventional oil and natural gas basins in the U.S.

See Also: 30 Stocks Moving in Tuesday's Pre-Market Session

USWS 52-Week Range: $0.62 - $3.38

U.S. Well Services shares were up 84.6% at $3.23 Tuesday morning.

Photo: jp26jp from Pixabay.