VanEck Oil Refiners ETF (CRAK Quick QuoteCRAK - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 75.41% from its 52-week low price of $35.06 per share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

CRAK in Focus

The underlying MVIS Global Oil Refiners Index is a rules-based, modified capitalization-weighted index and intends to give investors a means of tracking the overall performance of companies involved in crude oil refining. The product charges 0.61% in annual fees (see: all Energy ETFs).

Why the Move?

With oil prices rising amid renewed hostilities between Washington and Tehran, the fund appears well-positioned to benefit. As per an article by OilPrice.com, oil prices gained after the United States launched its first strike on Iran in more than a month, prompting Tehran to retaliate against U.S. bases in Jordan, with the latest escalation beginning Sunday. The developments have heightened market concerns that supply risks remain elevated.

More Gains Ahead?

CRAK might continue its strong performance in the near term, with a positive weighted alpha of 77.85 (per Barchart.com), which hints at a rally.