New York, March 3, 2026, 05:26 (ET) — Premarket
- Trio Petroleum shares jumped 39% before the bell, adding to the rally from the previous session
- Oil prices pushed higher, spooked by the prospect of supply disruptions as tensions between the U.S., Israel, and Iran escalated.
- Crude prices remain in focus for traders, with attention on whether Trio can meet its near-term goals for getting Alberta wells up and running.
Trio Petroleum Corp popped 39% to $1.55 ahead of the bell on Tuesday, Kraken data showed, extending gains from a strong move in the prior session. 1
This matters: crude prices aren’t letting up. Brent jumped over $3 on Tuesday, while U.S. crude tacked on more than $2, according to Reuters. The Strait of Hormuz is still driving nerves. “With no quick de-escalation in sight… upside risks remain,” IG’s Tony Sycamore said in a note. 2
Small-cap U.S. energy shares sometimes move like options in those oil spikes. Traders gravitate to Trio—a micro-cap with a limited float—whenever the headlines start flying, seeing it as one of the cleaner, high-beta plays in the group.
Shares finished Monday at $1.12, a jump of 166.7% compared to Friday’s $0.42 close. Volume skyrocketed—about 430 million shares traded, well beyond the usual pace. 3
Oil surged after the weekend’s U.S. and Israeli attacks on Iran, and analysts are flagging more gains if the Strait of Hormuz closure drags on. “The key factor here is the closing of the Strait of Hormuz,” said Ajay Parmar, director of energy and refining at ICIS, according to a Reuters report. 4
Investors have been watching Trio’s short-term plans closely. On Feb. 5, the company reported it had wrapped up Alberta Energy Regulator approvals and license transfers. Two Alberta wells were slated to come online in the next 7 to 10 days, with a target of 30 to 40 barrels a day in combined output—a standard industry metric. CEO Robin Ross described the move into production as “an important execution milestone.” 5
Feb. 18: Trio announced it had converted $1.2 million in convertible promissory notes to common stock and “retired” them. Ross described the move as putting Trio “in a better cash position” and bolstering its balance sheet. 6
But it’s not hard to spot what could trip up the upside. Trio’s got an “at-the-market” stock sale program in place, according to a prospectus supplement, allowing it to sell up to $3.6 million in shares whenever it chooses. The filing flagged the risk: if the company sells stock—or even if investors expect it—that could weigh on the price. 7
Speed is the other big risk here. Should oil prices retreat on any hint of de-escalation, these micro-cap momentum plays can unravel as fast as they ramped up.
Investors now are tracking two things: crude prices, and news from Trio about progress at those Alberta wells. The company has set a goal—two more wells up and running by March 31. Any update on that front will be key.
