The escalation of Middle East conflicts drives crude oil prices soaring, energy stocks rallying

LootboxPhobia · 2026-03-02T17:28:38+00:00

Due to the escalation of conflicts in the Middle East, U.S. energy company stocks generally rose on Monday, with Brent crude oil futures briefly reaching a 2025 high, and WTI crude oil also hitting a nearly six-month high. Companies like ExxonMobil and Chevron saw significant increases in their stock prices.

LootboxPhobia

2026-03-02 17:28:38

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Investing.com – During Monday’s pre-market trading, U.S. energy company stocks rose following the increase in crude oil prices amid escalating conflicts in the Middle East.

Brent crude futures surged as much as 13% to $82.37 per barrel, reaching the highest level since January 2025, before retreating to $79.39 per barrel at 08:57 GMT. U.S. WTI crude climbed to an intraday high of $75.33, up over 12%, marking a new high since June.

ExxonMobil (NYSE:XOM) increased by 5.9%, Chevron (NYSE:CVX) by 4.1%. Baker Hughes (NASDAQ:BKR) rose 5.6%, and ConocoPhillips (NYSE:COP) gained 6.2%.

SM Energy (NYSE:SM), Occidental Petroleum (NYSE:OXY), Coterra Energy (NYSE:CTRA), and Devon Energy (NYSE:DVN) rose between 6% and 7.5%.

Oilfield service providers Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) increased by 5.7% and 4.3%, respectively.

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