The energy sector, represented by the XLE ETF, moved significantly higher in pre-market trading due to a sharp increase in crude oil prices. WTI and Brent crude futures surged over 3% following reports of new attacks on Saudi Arabian oil infrastructure and ships in the Strait of Hormuz over the weekend. These geopolitical events have ignited fears of potential disruptions to the global oil supply, directly boosting the earnings outlook for oil and gas companies and prompting a broad rally in their stocks.