Shares of solar-related companies, including Sunrun Inc (NASDAQ:RUN), ReneSola Ltd (NYSE:SOL) and SunPower Corp (NASDAQ:SPWR), are trading higher Monday as a surge in oil prices lifts alternative energy names.
The sudden surge in oil and gas prices as a result of Russia’s invasion of Ukraine has made alternative energy sources look more compelling.
Oil climbed to the highest levels since 2008 over the weekend. WTI crude traded above $130 Sunday evening while Brent crude, the international benchmark, traded above $139 before pulling back.
As geopolitical tensions rise, oil continues to move higher. Solar stocks, as well as other renewable energy stocks, are rising with it.
RUN, SOL, SPWR Price Action: At publication time, Sunrun was up 11.3% at $28.51, ReneSola was up 9.83% at $5.92 and SunPower was up 4.42% at $17.57.
Photo: PublicDomainPictures from Pixabay.
