Why Is Penny Stock Rubico (RUBI) Up Today?

Rubico (RUBI) stock rocketed higher on Tuesday despite a lack of news from the tanker transportation company. There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock rallied today. However, that doesn't mean RUBI stock was up without reason.Claim 55% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Rubico mainly operates in the crude oil shipping business. This is a sector that has attracted increased investor attention right now due to the war in Iran. This war has resulted in the closure of the Strait of Hormuz, which is a major shipping lane for crude oil from the Middle East. The oil that travels through this route represents roughly one-fifth of the world's oil supply. With it closed, oil prices have risen, affecting shipping costs and increasing fuel prices. The latest oil news updates include President Donald Trump delaying an attack on Iran, which has raised hopes that oil could start to flow from the region again soon. In a separate conflict, Ukraine launched a strike on Russia that damaged some of the latter's oil factories. Rubico Stock Movement Today Rubico stock was up 159.54% in premarket trading on Tuesday, following a 6.49% fall yesterday. The shares have also dropped 97.93% year-to-date and have fallen 99.98% over the past 12 months. Investors will note that RUBI stock experienced heavy trading today, as some 32 million shares changed hands. That's well above the company's three-month average daily trading volume of about 63,000 shares. The increased investor interest in Rubico stock could be a sign that investors are betting on the company amid the world's oil disruptions. The demand for oil remains high, despite supply issues. Once those disruptions end, there could be increased demand for shipping vessels to help replenish strained oil supplies. That could present Rubico with a chance for increased business and revenue.