Exxon Mobil, ConocoPhillips and Chevron stocks surged to annual highs after Brent crude futures maturing in December climbed over $116 per barrel on Friday, hitting a six-month high.

  • U.S. West Texas Intermediate crude futures for December rose to $102.40 per barrel.
  • Last week, Houthi attacks on Saudi Arabia intensified, stoking fears about energy security and infrastructure and shipments across the Middle East. 
  • Although oil shipments through the Strait of Hormuz have recovered toward pre-war levels in recent weeks, Citigroup analysts warn that the improvement may not reflect a sustained recovery.

Shares of energy companies Exxon Mobil Corp. (XOM), ConocoPhillips (COP) and Chevron Corp. (CVX) surged to annual highs on Friday as oil prices rallied to a six-month high amid growing geopolitical tensions. 

Brent crude futures maturing in December climbed over $116 per barrel on Friday, while U.S. West Texas Intermediate (WTI) crude futures for December rose to $102.40 per barrel.

Why Are Fuel Prices Surging?

Last week, Houthi attacks on Saudi Arabia intensified, stoking fears about energy security and infrastructure and shipments across the Middle East. Saudi Aramco evacuated its Dhahran headquarters after attacks in the country's eastern oil-producing region.

While U.S. President Donald Trump said last week that Washington would not be negotiating with Tehran and suggested further developments could follow soon, on Sunday, he ruled out an attack on Iran this week. 

Meanwhile, though oil shipments through the Strait of Hormuz have recovered toward pre-war levels in recent weeks, with the U.S. Central Command aiding passage through the critical waterways, Citigroup analysts have warned that the recent improvement in shipments may not represent a sustained recovery. UBS analyst Giovanni Staunovo also reportedly told Reuters that any further escalation could trigger renewed supply disruptions. 

Brett Erickson, Managing Principal at Obsidian Risk Advisors, said in a post on X over the weekend, “Iran is currently launching missiles and drones at vessels attempting to transit the Strait of Hormuz. Despite the preparations from all sides to ready for a full-scale resumption of the war, Iran does not intend to allow the U.S. to use this window to flow out excessive amount of oil and refined products in the meantime.”

XOM, COP, CVX Stocks: 52-Week Highs

Exxon Mobil, ConocoPhillips and Chevron surged to 52-week highs on Friday amid the steep climb in oil prices. 

XOM stock hit a 52-week high of $183.75 during trading hours on Friday, closing nearly 3% higher. 

COP stock rallied to a 52-week high of $152.77 during regular trading, and ended 3.5% higher at close. 

CVX stock surged to a 52-week high of $ 233.74, closing up nearly 3%. 

On Stocktwits, retail sentiment around XOM and CVX stocks was ‘bullish’ at the time of writing, while it was ‘bearish’ for COP. 

XOM stock has gained more than 49% year-to-date, while COP and CVX stocks have surged nearly 56% and 50%, respectively. 

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