EON Resources shares surge 22.80% intraday as oil war premium eases and hedging expands.

EON Resources surged 22.80% intraday, driven by expectations of potential U.S. withdrawal from the Iran conflict, which led to a decline in oil's "war premium." The stock has risen 116% for the quarter. On June 16, the company announced an expansion of its 2026-2027 crude hedge coverage to about 75% of expected production, with some hedging prices above $70 per barrel, securing revenue for its horizontal drilling expansion plans. EON Resources is an independent upstream company focused on onshore oil and gas development in the U.S., primarily engaged in oil and gas production.