Energy stocks surge as oil hits a 4-month high

• Energy stocks jumped on Tuesday, sending the S&P 500 Energy Sector Index up more than 6%, the best performance of any group in the index.
• Oil prices hit their highest levels since March on Tuesday, supporting energy company stocks.
• Here's how much a group of energy company stocks jumped during intraday trading Tuesday.
• Read more on Business Insider.

Energy stocks jumped on Tuesday, sending the S&P 500 Energy Sector Index up more than 6%, the best performance of any group in the S&P 500 index.

Shares of energy companies gained amid rising oil prices, which on Tuesday hit their highest levels since March as investor optimism for a solid economic recovery grows. West Texas Intermediate crude gained as much as 3.9% to $42.40 per barrel. Brent crude, the international benchmark, rose 3.7%, to $44.89 per barrel, at intraday highs.

The commodity faced a rocky start to the year. In March, a price war broke out between Saudi Arabia and Russia, pushing oil lower. Then, the coronavirus pandemic hit, cratering demand and further weighing down prices.

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Now, oil prices are rising as economic reopening efforts are spurring expectations of boosted demand in the future, and energy stocks are gaining as well.

Here's how much a group of key energy companies gained on Tuesday.

• Occidental (OXY) — as much as 15%
• Apache Corp. (APA) — as much as 12%
• Devon Energy Corp. (DVN) — as much as 13%
• Halliburton (HAL) — as much as 11%
• Chevron Corp. (CVX) — as much as 7%
• Exxon Mobile (XOM) — as much as 6%