Shares in major US oil refiners surged on Monday after the Trump administration’s removal of Venezuelan leader Nicolás Maduro sparked optimism for refiners to benefit. Valero Energy Corporation led the way with a gain of over 10%, while Marathon Petroleum Corporation and Phillips 66 each saw increases of around 7%. Refiners are hopeful for a large supply of cheap heavy oil from Venezuela, which could be a significant advantage due to the complex technology required to refine it. China currently purchases a large portion of Venezuela’s oil, but if the US gains control, the oil may flow elsewhere, impacting global oil markets.

Read more at Yahoo Finance: Dow jumps 600 points to record, S&P 500 and Nasdaq rally as oil stocks surge after Venezuela strike