Key Highlights
- Shares of Exxon Mobil (XOM) reached a record peak of $159.15, bringing market valuation to $635.43 billion.
- The energy giant’s shares have surged 41.69% over the past twelve months.
- Geopolitical instability in the Middle East — highlighted by an alleged strike on Saudi Arabia’s Ras Tanura facility and potential disruptions at the Strait of Hormuz — continues pushing oil prices upward.
- Monday’s session saw XOM climb 2%, while ConocoPhillips (COP) posted the strongest gain at 3.3%.
- Market observers anticipate capital inflows into major energy players including XOM, CVX, COP, and EOG amid ongoing uncertainty.
Shares of Exxon Mobil (XOM) achieved a record intraday peak of $159.15 during Monday’s trading session on March 2, driven by mounting geopolitical tensions in the Middle East that sparked a rally in crude oil prices and lifted the broader energy sector.
The energy behemoth posted approximately 2% gains during early market hours. This latest advance caps off an impressive 41.69% surge over the trailing year, elevating XOM’s total market valuation to $635.43 billion.
Other major energy players also posted solid gains: Chevron (CVX) climbed 1.1%, ConocoPhillips (COP) jumped 3.3%, and Occidental Petroleum (OXY) advanced 1.9%. Each of these stocks showed even stronger movement during premarket hours before moderating slightly after the opening bell.
The primary driver behind Monday’s rally was a sharp intensification of Middle Eastern hostilities during the weekend. News emerged of a potential strike targeting Saudi Arabia’s Ras Tanura refinery, among the planet’s most significant oil export hubs. Additionally, three American service members lost their lives in Kuwait, while Israel and Hezbollah forces in Lebanon continued exchanging artillery fire.
Reports indicate that Iran declared vessels are “not allowed” through the Strait of Hormuz — a critical maritime passage handling approximately 20% of global oil shipments. While Tehran hasn’t officially blockaded the waterway, the mere possibility proved sufficient to rattle commodity markets.
Why Large-Cap Energy Names Are in Focus
Mizuho analyst Nitin Kumar indicated his expectation for market participants to “favor large, bellwether stocks” such as Exxon, Chevron, ConocoPhillips, EOG Resources (EOG), and Occidental Petroleum during this period of heightened volatility. While smaller or more leveraged enterprises might present greater potential returns, immediate capital allocation is projected to concentrate on industry leaders.
Alpine Macro strategist Dan Alamariu stated plainly: “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 recent rally hasn’t occurred without concerns. According to InvestingPro analytics, the shares may be trading above their Fair Value assessment, despite hovering near 52-week highs.
Recent XOM Developments
Fourth-quarter earnings released recently came in beneath year-ago comparisons but managed to edge past analyst expectations, supported by expanding output in Guyana and the U.S. Permian Basin. BMO Capital subsequently elevated its price objective to $155 while retaining a Market Perform stance. Freedom Capital Markets maintained their Sell recommendation with a $123 price target.
On the regulatory front, ExxonMobil’s Australian division received an $11.3 million penalty from the Federal Court of Australia for misleading representations regarding fuel products sold in Queensland spanning August 2020 through July 2024.
The company is additionally seeking restitution for petroleum assets confiscated in Cuba over six decades ago, with litigation still in progress.
XOM achieved its intraday record high of $159.15 on March 2, 2026.
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