“Geopolitical issues have elevated both WTI and Brent,” said Michael Peterson, managing director and senior equity analyst at MLV & Co. in Houston. “It’s in no one’s interest to see this spiral out of control.”

Along with short-term volatility associated with Middle East geopolitical risks, the Market Vectors Oil Services ETF helps capture the long-term play on the energy industry as oil becomes increasingly harder to extract.

“The incremental barrel of oil being produced is increasingly coming from areas (deep water, oil shale, the Arctic) that demand more services expertise and technology,” according to Morningstar analyst John Gabriel. “Such a dynamic supports healthy long-term industry trends and pricing power.”

Market Vectors Oil Services ETF

Chart source: Michael Batnick

For more information on crude oil, visit our oil category.

Max Chen contributed to this article.