Why Did New Concept Energy (GBR) Stock Surge Over 26% After Hours?

New Concept Energy Inc. (NYSEAMERICAN: GBR) shares are trending on Thursday night.

Shares of the Dallas-based company surged 26.61% to $1.38 in after hours trading on Thursday.

According to Benzinga Pro data, GBR closed regular trading up 33.01% at $1.09.

Strait of Hormuz Fears Drive Rally

The stock move came after U.S. and Israeli forces carried out joint strikes against Iran over the weekend, prompting Tehran to move toward shutting down the Strait of Hormuz, a key waterway carrying about 20% of the world’s crude oil shipments.

The supply of crude oil has become vulnerable, driven by disruptions in the Strait of Hormuz and drone strikes on regional energy infrastructure, including BP plc (NYSE:BP)‘s Rumaila oil field in Iraq.

New Concept Energy, which is a fully integrated oil and gas producer, focuses on North American drilling and exploration, with assets concentrated in the Appalachian and Utica basins.

Trading Metrics, Technical Analysis

New Concept Energy has a market capitalization of $5.59 million, with a 52-week high of $1.78 and a 52-week low of $0.67.

The Relative Strength Index (RSI) of GBR stands at 67.77.

Over the past 12 months, the stock has gained 1.87%.

The stock is positioned at about 38% above its 52-week low, roughly one-third of the way up from the bottom of its yearly range.

Benzinga's Edge Stock Rankings indicate that GBR is experiencing long-term consolidation along with medium and short-term upward movement.

Photo Courtesy: Who is Danny on Shutterstock.com

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.