US energy stocks rose sharply when markets opened on Monday following news of the US military operation in Venezuela and the detention of President Nicolas Maduro. The MSCI US Energy Index was up 2.8 percent, outperforming the broader S&P 500 and global energy benchmarks. Chevron, which operates in Venezuela under a US government license, gained about six percent, while ConocoPhillips rose 3.3 percent and Exxon Mobil increased 2.4 percent. Oilfield services firm Halliburton climbed roughly 10 percent. Brent crude was trading at $61.72 per barrel, up 1.61 percent.

Market movements reflected expectations that US companies could gain increased access to Venezuela’s oil sector, which holds about 17 percent of global crude reserves. Venezuela currently produces just under one percent of global oil supply, and analysts have said output could increase significantly if foreign investment returns. Energy analysts also noted that increased Venezuelan production could add supply to an already low-priced oil market and increase competition for OPEC members, including Saudi Arabia and Russia.

Venezuelan sovereign and PDVSA bonds also rose in value following the developments. Bond prices increased from around 31 cents on the dollar before Maduro’s detention to about 41 cents on Monday, continuing a rally that began earlier in the year. Venezuela has an estimated $150 billion in debt and has been in default since 2017. Investors have indicated that a potential revival of the oil sector could improve prospects for debt restructuring and repayment, benefiting holders of Venezuelan bonds held by international investment firms.