Chevron Corp. (NYSE:CVX) shares are jumping Friday as crude oil climbs on growing expectations that the U.S. could strike Iran again within weeks. Here’s what you should know.
- Chevron shares are testing new highs. Why did CVX hit a new high?
Chevron Stock Rises as Iran Strike Fears Build
Energy stocks are rising because traders see a growing chance that the U.S. will resume strikes on Iran in the coming weeks.
President Donald Trump has said he does not plan to strike Iran again before the November 3 midterm elections. Yet Reuters says investors increasingly expect another joint U.S.-Israeli attack soon afterward.
Iran’s military, meanwhile, has said it is ready for “asymmetric warfare,” according to reports. Investors fear new fighting would prolong supply disruptions and keep energy prices elevated, which could benefit oil and gas companies.
Oil Prices Reach Highest Level Since May
Brent crude trades at $114.99 a barrel as of 9:00 a.m. EST, up $1.71, or 1.5%. It touched $115.16 earlier, its highest price since May 4. West Texas Intermediate, the U.S. benchmark, rose to $101.27, a gain of $1.80, or 1.8%.
Crude flows out of the Gulf look normal, near pre-war levels, yet Brent has held above $110 all week. Reuters said that mismatch suggests traders are preparing for more Middle East strikes.
Middle East Attacks Add to Supply Concerns
Violence keeps raising the risk of disruption. Houthis kept up their attacks on Saudi Arabia this week. They hit a civilian airport and an oilfield, and multiple people died or were hurt. Saudi Aramco evacuated its Dhahran headquarters Thursday as the fighting intensified.
In the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps said its forces struck more tankers. The U.S. State Department has ordered some diplomats and family members out of its Saudi missions. The UAE also reported an oil spill from a tanker, and a valve closure on a Libyan pipeline reduced output at two oilfields.
UBS analyst Giovanni Staunovo said the market still worries about a “potential escalation” that, in the worst case, could renew supply disruptions. Volatile flows and high freight rates have kept supply short, Staunovo said.
CVX Shares Are Rising
CVX Price Action: Chevron shares were up 2.54% at $232.43 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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