Suncor Energy is trading 4.1% up now at $62.58, benefiting primarily from the energy-sector rally as crude prices rise amid uncertainty over reopening the Strait of Hormuz.
- Geopolitical risk is lifting oil’s risk premium and supporting energy producers.
- Recent company-specific news is supportive but not a fresh August 10 catalyst: Suncor exceeded second-quarter profit estimates and plans to increase monthly buybacks to C$500 million from C$350 million.