Oil stocks enjoy broad rally as crude prices jump, with Exxon Mobil at an 8-year high and Chevron at a record

The energy sector is on track to enjoy a unanimous rally Tuesday, as the European Union’s ban on Russian oil has sent crude oil futures surging. The SPDR Energy Select Sector ETF
XLE,
+1.00%
rallied 1.0% in premarket trading, with all 21 equity components gaining ground. The biggest gainer is Pioneer Natural Resources Co.’s stock
PXD,
+1.79%,
which rallied 2.9% into record territory. Among the more active components, shares of Occidental Petroleum Corp.
OXY,
+2.23%
ran up 2.7% toward a 3 1/2-year high, Marathon Oil Corp.
MRO,
+4.09%
climbed 2.5% toward a 7 1/2-year high, Exxon Mobil Corp.
XOM,
+1.15%
gained 1.1% toward an eight-year high and Chevron Corp.
CVX,
+0.52%
advanced 0.8% toward a record high. Meanwhile, crude oil futures
CL00,
+1.53%
jumped 3.3% to a two-month high of $118.84, and futures
ES00,
-0.28%
for the S&P 500
SPX,
-0.29%
slipped 0.7%.