Energy ETFs have been the market’s best-performing sector the past month thanks in part to rising oil prices.
Energy Select Sector SPDR (NYSEArca: XLE) was up 11.4% for the month ended Aug. 10, while iShares S&P 500 (NYSEArca: IVV) has added 5%.
U.S. crude prices briefly rose above $94 a barrel on Monday and are near the highest level in about three months.
Meanwhile, Brent crude climbed over $115 a barrel on concerns over supply and geopolitical tensions in the Middle East “including an intensifying debate in Israel on whether to strike Iran’s disputed nuclear program,” Reuters reports.