Shares of energy giants, including ExxonMobil (XOM) and  Chevron (CVX), are extending gains in premark🐼et trading Wednesday as worries of a broader Middle East conflict lift oil prices♔. 

Crude prices are rising around 3% after Iran 澳洲幸运5官方开奖结果体彩网:launch♔ed a ballistic missile attack on Israel. 澳洲幸运5官方开奖结果体彩网:Brent crude futures surpassed the $75-per-barrel level they briefly crossed Tuesday on fears of supply constraints, while the U.S. benchmark, 澳洲幸运5官方开奖结果体彩网:West Texas Intermediate (WTI), is at almost $72 per barrel.

UBS Says Oil Positions Can Hedge Against Worse🍰ning Crisis

The conflict in the Middle East, apart from raising humanitarian concerns, has "contributed to periods of market volatility, amid concerns that a regional war could interrupt oil supplies," UBS Global Wealth Management 澳洲幸运5官方开奖结果体彩网:Chief Investment Officer (CIO) Mark Haefele said in a note.

Haefele said that while the firm's base case isn't for an all-out war, "positions in oil can serve as a portfolio hedge against a worsening crisis in the Middle East, while market fundamentals are also positive."

ExxonMobil shares, which have gained almost 20% year-to-date, were rising 1.7% in premarket trading. Those of rival Chevron, whose 澳洲幸运5官方开奖结果体彩网:$53 billion acquisition of Hess (HES) was cleared this week, are up around 1.6%. Shares of Occidental Petroleum (OXY) and ConocoPhillips (COP) are rising around 1.4% and 1.6%, respectively.