The stock of Imperial Petroleum Inc (IMPP) closed the regular trading session at $1.57, gaining 38.94% from the previous trading session. The stock of IMPP kept on following the bullish trend in the pre-market, gaining 5.09% to $1.65. The gain in the stock price can be a result of the oil prices as they soared in the global market.

What happened?

The oil prices are soaring in the global market and have topped $100. Oil prices are on the loose in the market as Russia started the invasion of Ukraine. Currently, West Texas Intermediate (WTI) crude oil is trading at $94.2 per barrel and Brent crude oil is trading at $101. The oil prices crossed the mark of $100 after 2014.

Russia is one of the main suppliers of oil to many countries. The chances of the Russia-Ukraine war have led to a massive increase in the prices of oil, globally. Moreover, the worldwide reaction to the Russia-Ukraine struggle has led to other disbursement issues. Following this news, the stock prices of oil companies are soaring in the market.

Further, on 2 February 2022, IMPP declared the closing of its 9.6 million shares with a price of $1.25 per stock. Also, the company has given a 45-day option to the underwriters to buy up to 1.4 million common stocks at the offer price. The aggregate profit from this offering was $12 million. Each Class A warrant is quickly exercisable for one normal stock at a cost of $1.25 per stock and will terminate after five years of the issuance date.

What next?

As the price of oil soars, the stock price of oil-producing firms will also soar. Oil-producing companies will continue to keep an eye on the oil prices as the Russia-Ukraine conflict augments.

About IMPP

Imperial Petroleum Inc is a company working in the industry of oil, gas, and consumable fuels. Also, the firm is occupied with the production and investigation of raw petroleum and natural gas in Louisiana and Texas. IMPP has a market capitalization of $7.50 million with 4.78 million shares pending.