Key Highlights

● Crescent surged Friday and ranked among the top Russell 2000 gainers as oil topped $100.

● Brent settled at $109.86, its highest close since May 19, on Iran's tanker attacks.

● Matador Resources and Antero Midstream rose too, while energy was the best-performing sector.

● Halliburton, Kinder Morgan, Valero and SLB report Oct 20 to Oct 23.

Riding the oil rally

Crescent Energy (NYSE:CRGY) surged on Friday, closing at $13.77 and ranking among the top gainers on the Russell 2000, according to market data. A list of midday winners also included the stock. The move came as US crude oil traded above $100 a barrel during the session and energy was the best-performing sector in the market.

West Texas Intermediate, the US benchmark, traded above $101 intraday. Closing quotes varied by contract and source: one put the December contract at $99.02, up $2.52, while others cited prices above $101. Brent crude, the international benchmark, climbed $3.94 to settle at $109.86 a barrel, its highest close since May 19, and market reports said it touched $110 for the first time since May.

Crescent is a US independent oil and gas producer with a significant position in the Eagle Ford region of South Texas. As a producer, its revenue is directly tied to commodity prices, so its shares often move sharply when oil swings. One market report also tied part of Friday's move to the company's $4.2 billion acquisition of Devon Energy (NYSE:DVN)'s Eagle Ford assets and a $1 billion equity offering completed Oct 8; other sources cited only the energy rally.

Hormuz drives crude

The rally in crude was driven by Iran escalating attacks on tankers in the Strait of Hormuz, along with threats to Russian refining, according to market reports. ING commodities strategists said oil is "pricing in a significant risk premium."

President Donald Trump added to the tension. "Now, we're looking at Pickaxe Mountain. We may have to go there," he said of Iran. On the supply side, the International Energy Agency pledged to release the remaining 100 million barrels under its March agreement, a Saxo Bank analyst noted.

Other energy stocks also climbed. Matador Resources (NYSE:MTDR) surged to $57.48, reversing two days of losses, and Antero Midstream (NYSE:AM) rose, per market data. Among large caps, Diamondback Energy (NASDAQ:FANG), EOG Resources (NYSE:EOG), Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) all gained.

An outlier on a down day

Crescent's gain contrasted with a weak session for small caps overall. The Russell 2000 opened higher but reversed, closing down 45.90 points at about 2,721, although one source put the close at 2,719.57. The index lost about 85.6 points for the week.

The S&P 500 fell 84.62 points to 7,659.44, the Dow Jones Industrial Average slipped 175.28 points to 52,002.41, and the Nasdaq Composite dropped 572.99 points to 26,140.03. Investors sold chip, software and AI-infrastructure stocks over concerns about how the artificial-intelligence build-out will be financed and rotated into energy, utilities and consumer staples. The Cboe Volatility Index rose 3.53 points to 19.99.

Crescent Eyes Crude and Eagle Ford Updates

Energy earnings start next week. Halliburton (NYSE:HAL) reports Oct 20 before the open, Kinder Morgan (NYSE:KMI) on Oct 21 after the close, Valero (NYSE:VLO) on Oct 22 and SLB (NYSE:SLB) on Oct 23, offering a read on activity and margins across the sector. On the macro side, the Fed's next rate decision is Oct 28, after a quarter-point hike in September.

Traders will also track any further incidents in the Strait of Hormuz and the pace of the IEA's stock release. For Crescent, the direction of crude prices and any updates on its Eagle Ford acquisition are likely to remain in focus.