HighPeak Energy (HPK) Climbs 4.4% as Iran Tensions Spike Oil Prices

Shares of Permian Basin oil producer HighPeak Energy (NASDAQ:HPK) jumped 4.4% on June 1, 2026, as crude oil surged after a U.S. airstrike on Iranian military sites escalated fears of supply disruptions. Iran retaliated by suspending negotiations and threatening to close the Strait of Hormuz, a critical oil transit chokepoint. U.S. West Texas Intermediate crude topped $90 a barrel, with Brent crude surpassing $93 and briefly touching $100. The spike directly benefits HighPeak, whose revenue and profitability are tightly linked to oil prices. The stock closed at $7.41, paring early gains but still sharply higher. The advance reversed a 3% loss five days earlier when progress in U.S.-Iran peace talks had sent WTI tumbling. HighPeak has rallied 65.8% year-to-date but remains 37.7% below its June 2025 peak of $11.90.