Why Are BATL, INDO, XOM, CVX, USO, UCO Rising Overnight?

Oil prices climbed higher on reports that Israel fired back at Iran in retaliation for attacks on Sunday despite Trump’s warning not to.

• Brent crude futures expiring in August were up more than 3%, trading at around $96.26 a barrel at the time of writing.
• WTI crude futures expiring in July climbed more than 3% higher, trading around $93.63 a barrel.
• Meanwhile, members of the OPEC+ have agreed to increase oil production targets in July, marking its fourth consecutive monthly output hike since the start of the war.

Shares of major energy companies and related exchange-traded funds (ETFs) soared in the overnight trading session heading into Monday amid rising oil prices after Iran attacked Israel for the first time since April.

Battalion Oil Corp. (BATL) surged more than 11%, and Indonesia Energy Corp Ltd. (INDO) jumped up about 4% at the time of writing. Oil majors Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) also climbed up more than 1%.

Meanwhile, the United States Oil Fund (USO), which tracks the daily price movements of West Texas Intermediate (WTI), climbed more than 3% in Sunday’s extended trading hours, while ProShares Ultra Bloomberg Crude Oil (UCO) was up more than 5%. The Light, Sweet Crude Oil Futures (CL_F) were also 4% higher.

Oil Soars On Renewed Middle East Tensions

Oil prices climbed higher on reports that Iran fired missiles at Israel on Sunday in retaliation for attacks on Beirut. Israel reportedly fired back despite U.S. President Donald Trump’s warning not to retaliate.

Brent crude futures expiring in August were up more than 3%, trading at around $96.26 a barrel at the time of writing, while WTI crude futures expiring in July climbed more than 3% higher, trading around $93.63 a barrel.

"A short while ago, the Israeli Air Force struck military targets belonging to the Iranian terror regime in western and central Iran," the Israel Defense Forces (IDF) wrote on Telegram, according to reports from the BBC.

The reported attacks come shortly after Trump said he would urge Israeli Prime Minister Benjamin Netanyahu not to retaliate to Iran's attacks, while also adding that Israel would have "no choice" but to accept a deal with Iran.

"The Iranian strikes didn’t hurt anybody," Trump had told Axios. The president had also emphasized that a deal with Iran was “very close” and that he did not “want it to blow up because of what is happening now."

Economist Steve Hanke highlighted Israel's latest strikes on Iran despite President Trump's calls for restraint, suggesting that the U.S. influence may be weakening.

“IT LOOKS LIKE TRUMP'S LOST CONTROL,” Hanke said in a post on X. “JUST AS I PREDICTED, OIL PRICES HAVE SPIKED AGAIN. STAY LONG OIL,” he added.

Meanwhile, seven members of the Organization of the Petroleum Exporting Countries (OPEC+) have agreed to increase oil production targets, marking the fourth consecutive monthly output hike since the start of the war and subsequent closure of the critical Strait of Hormuz.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed to increase oil output by about 188,000 barrels per day in July, according to a statement from the organization.

What Do Retail Traders Think?

On Stocktwits, retail sentiment around BATL was in the ‘bullish’ territory at the time of writing, while it was ‘neutral’ for XOM. Sentiment around CVX and INDO was in the ‘bearish’ and ‘extremely bearish’ territory. Meanwhile, sentiment around USO and UCO was in the green.

One bullish user said, “Oil is the new hedge against global uncertainty. Plenty of room to get in, this is better than gold.”

Another user predicted that Exxon shares would surge up to $160 this week. XOM stock was trading around $152 at the time of writing.

USO has nearly doubled so far in 2026, while UCO has surged 132.54% in the same period. Meanwhile, BATL, XOM and CVX have gained more than 10%, 22%, and 20%, respectively.

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