Trio Petroleum has drawn attention as oil prices surged following Middle East supply concerns, while the company also offered an update on its share sale agreement.
- Trio Petroleum filed an amendment to its prospectus supplement to update the shares eligible for sale, with the aggregate amount of shares available for sale now standing at $4,000,000.
- The company recently converted notes worth $1.2 million into shares of its common stock.
- Qatar’s Energy Minister warned that oil prices could surge to $150 per barrel due to the Middle East conflict, according to The Financial Times.
Shares of Trio Petroleum Corp. (TPET) surged more than 35% in pre-market trading on Friday, extending a smashing rally that has already lifted the stock nearly 280% this month, as rising crude oil prices fueled gains across energy stocks amid escalating tensions in the Middle East.
On Thursday, the company filed an amendment to its prospectus supplement to update the shares eligible for sale, with the aggregate shares available for sale now standing at $4,000,000.
Last month, the company said that convertible promissory notes worth $1.2 million were fully converted into shares of its common stock. The notes were originally issued to three institutional investors in August 2025 as part of a private convertible debt financing.
TPET shares are currently trading around June 2025 highs, having breached its 200-day moving average (200-DMA) earlier this week.
Oil Could Rise To $150 Per Barrel, Qatar’s Energy Minister Says
Oil stocks in general have surged following the war between the U.S., Israel, and Iran that commenced last week, choking the Strait of Hormuz, a key shipping lane that sees around 20% of the global oil traffic.
Analysts expect oil prices to rise further, with Goldman Sachs estimating crude could increase by about $15 per barrel if supply shipments remain disrupted for an entire month. Earlier on Friday, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that the conflict might force Gulf energy exporters to halt production within days, a scenario that could push oil prices as high as $150 per barrel.
At the time of writing, Brent oil futures traded nearly 2% higher at $87 a barrel, and are on track for their biggest weekly gain since the week ending March 4, 2022.
How Did Stocktwits Users React?
TPET stock has gained significant traction on Stocktwits, with data indicating that message activity jumped nearly 96% in the past 24 hours and skyrocketed almost 10,000% over the past week. Sentiment has remained in the ‘extremely bullish’ territory in this period.
Chatter was bullish, with users expecting the stock to climb to $4. It is currently at $2.
Another user sees ‘huge upside” due to fresh funding and rising crude prices.
Meanwhile, Battalion Oil (BATL) shares were up 38%, and Indonesia Energy Corp (INDO) climbed 10% higher in pre-market. TPET produces about 70,000 barrels of oil per day, far more than Battalion Oil and Indonesia Energy, which each produce roughly 12,000 barrels daily.
TPET shares have gained around 94% so far this year, outperforming the United States Oil Fund’s (USO) 40% rise.
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