ExxonMobil and Chevron Shares Skyrocket, What You Need To Know

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ExxonMobil and Chevron Shares Skyrocket, What You Need To Know Adam Hejl Tue, July 7, 2026 at 7:29 PM EDT 3 min read XOM CVX What Happened? A number of stocks jumped in the afternoon session after oil prices surged following attacks on commercial ships near the Strait of Hormuz. Multiple tankers were reportedly struck by projectiles in the critical shipping lane, a key passageway for global oil transport. The incident immediately pushed crude oil prices higher, with the August contract rising to over $72 a barrel. This development adds a layer of uncertainty for investors, as sustained higher oil prices can fuel inflation. Simultaneously, a drone attack on Russia's largest refinery signaled a significant expansion in the Ukraine conflict, further pressuring prices upward.Higher oil prices typically translate to increased revenues and profitability for oil and gas companies, boosting investor sentiment across the sector. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Diversified Upstream E&P company ExxonMobil(NYSE:XOM) jumped 3.3%.Is now the time to buy ExxonMobil? Access our full analysis report here, it's free. Diversified Upstream E&P company Chevron(NYSE:CVX) jumped 3.2%.Is now the time to buy Chevron? Access our full analysis report here, it's free. ExxonMobil's shares are not very volatile and have only had 1 move greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. The previous big move we wrote about was 19 days ago when the stock dropped 2.7% after the U.S. and Iran signed an interim agreement that would waive sanctions on Tehran's oil and reopen the Strait of Hormuz. WTI futures fell as much as 3.5% to an intraday low of $73.60, the lowest since March 2, the first trading day after the initial US-Israeli strikes on Iran, while Brent crude dropped 2% to $77.96.The catalyst was a 14-point memorandum of understanding signed by the US and Iran, which begins a 60-day negotiation period. This stripped away the geopolitical risk premium that had been the energy sector's most powerful tailwind for months. Under its terms, Iran will allow toll-free passage through the Strait of Hormuz immediately, with full traffic capacity restored within 30 days. Roughly 20% of the world's seaborne oil and LNG transits the strait. Saudi tankers and LNG carriers were already departing the Gulf region as shipping activity began to normalize.Oil reached as high as $120 per barrel at the peak of the conflict and fell nearly 29% in a month. That collapse reflects markets pricing in the return of Iranian barrels to global supply, barrels that had been sanctioned out of the market, alongside the reopening of the world's most critical energy shipping lane. ExxonMobil is up 15.5% since the beginning of the year, but at $141.62 per share, it is still trading 17.4% below its 52-week high of $171.47 from March 2026. Investors who bought $1,000 worth of ExxonMobil's shares 5 years ago would now be looking at an investment worth $2,344. ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who's building AI, one company is already using it to print money. And nobody's paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won't last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice .

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