U.S. Oil Companies Rise as Middle East War Drives Oil Over $100 a Barrel

By Adriano Marchese

U.S.-listed oil majors traded higher premarket Monday as the intensifying Middle East conflict pushed oil prices up above $100 a barrel and dragged broader markets lower.

Chevron and Exxon Mobil were up 0.8% and 0.9%, respectively, ahead of the morning bell, while ConocoPhillips rose 2%, bucking the broader downward trend.

Oil traded about 14% higher at roughly $103 a barrel on Monday. Prices have been climbing for more than a week as the U.S.-Israeli war against Iran has effectively shut down the critical Strait of Hormuz, choking off a major artery for global crude shipments.

Other players were also lifted by geopolitical situation, with Philips 66 rising 1.2% and Occidental Petroleum rising 1.4%. APA rose 2.1%, and Devon Energy was 1.9% higher.

G-7 nations are set to meet Monday to discuss tapping strategic oil reserves, which helped ease some supply fears and brought the price of oil down from higher highs. Still, Gulf producers are cutting output as their facilities come under attack and shipping lanes remain blocked.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

03-09-26 0824ET