Sky Quarry Inc. (NASDAQ:SKYQ) stock is trading higher on Wednesday as oil refining and marketing companies gain value following U.S. and Iranian strikes across the Gulf region. The Nasdaq is down 0.44% while the S&P 500 has shed 0.68%.
Overall, the Energy sector is leading the market, gaining 1.63%. The advance comes after a prolonged period of weakness, with the sector down 4.71% over the past 30 days and 3.05% over the past 90 days.
Geopolitical Conflicts Disrupt Supply Lines
The upward movement in energy equities follows a declaration from President Donald Trump that the June ceasefire with Iran is “over.” This statement followed a new U.S. strike on Iran and reports that Tehran targeted merchant ships in the Strait of Hormuz, developments that occurred after Washington revoked a waiver allowing Iranian crude sales.
Crude Oil Prices Surge Higher
The escalating tensions boosted energy commodities, with West Texas Intermediate crude rising 7.4% to approximately $75.69 a barrel, and Brent crude increasing 7.9% to move back above $80 a barrel. Diesel futures also advanced by more than 13% as market participants braced for tighter refined-product supply.
Sky Quarry Operational Context
The market activity follows Sky Quarry’s recent short interest increase from 327,120 to 467,520 shares, representing 10.25% of its publicly available shares.
Operationally, the development-stage refining company is preparing to begin production this July at its Foreland Refinery in Nevada, utilizing 10,000 barrels of on-site inventory and 100,000 barrels of storage capacity.
Key Technical Levels for SKYQ to Watch
The rally has pushed Sky Quarry back above several key trend gauges: it’s trading 86.5% above the 20-day SMA ($2.23), 40.2% above the 50-day SMA ($2.97), and 9.1% above the 100-day SMA ($3.81). It’s also pressing right around the 200-day SMA ($3.52), a common "line in the sand" that often decides whether a bounce stays tactical or starts to look like a bigger trend repair.
SKYQ Stock Price Activity: Sky Quarry shares were up 18% at $3.54 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo Courtesy: Gorodenkoff on Shutterstock
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