Key Highlights
- Exxon Mobil (XOM) reached a record peak of $159.15, with total market capitalization at $635.43 billion.
- The energy giant’s shares have surged 41.69% year-over-year.
- Geopolitical instability in the Middle East — featuring an alleged strike on Saudi Arabia’s Ras Tanura facility and warnings regarding the Strait of Hormuz — is boosting oil valuations.
- Monday trading saw XOM advance 2%; ConocoPhillips (COP) posted the strongest performance with a 3.3% increase.
- Market observers anticipate capital flowing toward major energy corporations including XOM, CVX, COP, and EOG in coming weeks.
Shares of Exxon Mobil (XOM) climbed to a historic peak of $159.15 during Monday’s session on March 2, powered by heightened geopolitical risks in the Middle East that drove crude oil valuations sharply upward and lifted the entire energy sector.
Early trading activity showed the stock advancing approximately 2%. This performance caps a remarkable 41.69% appreciation over the trailing twelve months, elevating XOM’s total market value to $635.43 billion.
Other energy majors followed suit. Chevron (CVX) climbed 1.1%, ConocoPhillips (COP) jumped 3.3%, and Occidental Petroleum (OXY) advanced 1.9%. These companies experienced even stronger momentum during premarket hours before moderating slightly after the opening bell.
The primary driver was a sharp deterioration in Middle Eastern stability throughout the weekend. News emerged regarding a potential strike on Saudi Arabia’s Ras Tanura refinery, among the planet’s most significant oil processing and shipping hubs. Additionally, three American service members lost their lives in Kuwait, while Israel maintained ongoing hostilities with Hezbollah forces in Lebanon.
Tehran reportedly declared that vessels are “not allowed” through the Strait of Hormuz — a critical maritime passage handling approximately 20% of global petroleum shipments. While Iran hasn’t officially blockaded the waterway, the mere possibility triggered immediate market reactions.
Focus Shifts to Major Energy Corporations
Mizuho analyst Nitin Kumar projects that market participants will “favor large, bellwether stocks” such as Exxon, Chevron, ConocoPhillips, EOG Resources (EOG), and Occidental Petroleum during this volatile period. While smaller companies or those carrying higher debt loads might present greater potential returns, institutional capital is anticipated to concentrate in established industry leaders.
Alpine Macro strategist Dan Alamariu offered a straightforward assessment: “Out-of-region energy stocks should gain disproportionately; they track oil and gas prices and would be the only available source of supply if the Persian Gulf is shut off.”
It bears mentioning that XOM’s impressive rally hasn’t occurred without concerns. InvestingPro analysis indicates the shares may be trading above Fair Value estimates, despite approaching 52-week highs.
Latest Corporate Updates for XOM
Fourth-quarter earnings fell short of year-ago comparisons but managed to exceed analyst projections, supported by increased output from Guyana operations and U.S. Permian Basin activities. BMO Capital subsequently lifted its price objective to $155 while keeping a Market Perform stance. Freedom Capital Markets retained a Sell recommendation with a $123 valuation.
Regarding litigation matters, ExxonMobil’s Australian division received an $11.3 million penalty from Australia’s Federal Court for misleading representations concerning fuel products sold in Queensland from August 2020 through July 2024.
The company is additionally seeking restitution for petroleum assets confiscated in Cuba over six decades ago, with legal processes still underway.
XOM established its intraday record of $159.15 on March 2, 2026.
