10 Firms Dominate Monday Upsurge

8. Frontline Plc (NYSE:FRO)

Frontline (FRO) saw its stock prices grow by 6.21 percent to finish at $18.3 apiece as investors took heart from outgoing president Joe Biden’s official imposition of tariffs against Russia’s oil and gas sectors and its “shadow fleet.”

According to Biden, the taxes were sanctions slapped on Russia in a bid to reach a deal for peace in Ukraine.

Cyprus-based Frontline (FRO), currently the fourth largest oil tanker shipping firm globally, stands to benefit from the imposition of tariffs on Russian firms on expectations that oil buyers will look elsewhere for supply, including areas that it services.

Other oil-producing countries such as the Middle East and Africa may step in to fill the gap left by Russian exports.