Trio Petroleum shares surge 12.71% as Middle East tensions push oil above $100

  • Trio Petroleum filed fiscal third-quarter results showing revenue growth and improved liquidity.
  • Brent crude climbed past $101 per barrel as Middle East tensions intensified.
  • Saudi Arabia’s August oil production reached its lowest level since 1990, an OPEC report said.

Trio Petroleum Corp. shares rallied Thursday as escalating Middle East geopolitical tensions lifted crude benchmarks, with Brent crude rising above $101 per barrel. The company’s fiscal third-quarter filing also showed revenue growth and improved liquidity. Revenue for the nine months ended July 31 rose to $679,031 from $226,485 a year earlier, driven by production progress at the South Salinas project in Monterey County. Net loss narrowed to $4.25 million, while quarterly revenue increased 81% year over year. Equity sales through an at-the-market facility, which allows a company to sell shares gradually at prevailing prices, helped lift cash and cash equivalents to $24.3 million and working capital to $23.5 million as of July 31. Management said the stronger balance sheet eased previous going-concern uncertainties and provided funding for development across its California and Utah assets. Trio Petroleum shares were up 12.71% at $2.04 at publication, according to Benzinga Pro data.

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