NEW YORK, March 2, 2026, 05:50 EST — Premarket
- ConocoPhillips shares pointed roughly 6% higher before the bell, following a strong jump in crude prices.
- Oil traders zeroed in on potential disruption risks at the Strait of Hormuz, a key artery for global oil flows.
- Headlines on shipping flows and any change in producer response are in focus for investors before the U.S. open.
Shares of ConocoPhillips climbed roughly 5.9% ahead of the bell Monday, with oil prices spiking as investors worried about potential supply shocks tied to the Middle East conflict.
ConocoPhillips typically moves in lockstep with crude, so any shift in oil prices hits its expected cash flow and the shares right away. Traders came into this week reassessing geopolitical risks ahead of the U.S. market open.
The focus has swung to the Strait of Hormuz, a chokepoint that sees over 20% of global oil traffic squeeze through daily. Crude could test $100 a barrel if disruption drags on, analysts say. ICIS’s Ajay Parmar singled out the strait’s closure as “the key factor” driving prices. Reuters
ConocoPhillips wrapped up Friday’s regular trading at $113.46.
Investors pushed up major oil stocks in early trading, with Exxon and Chevron both gaining before the open. The sector looked like a popular shield against broader energy risks. On the flip side, airlines and cruise operators slumped, their shares pressured by looming fuel cost concerns.
There’s a second factor for oil producers: supply policy. OPEC+ decided this weekend to bump up production by 206,000 barrels a day starting in April. That’s not a huge move, and traders are sizing it up alongside the risk of a sharp drop in seaborne shipments.
ConocoPhillips investors are left wondering if the crude rally has legs—or if this burst fizzles just as fast. Energy stocks opened higher Monday, and ConocoPhillips was up there with the top gainers.
Shareholders have their eye on returns here, too. ConocoPhillips is sticking to a 2026 blueprint pegged to cash flow from operations, plus its quarterly dividend is slated for payout on Monday.
The setup isn’t one-sided. Should Hormuz shipping stabilize or the conflict ease, crude could pull back sharply — and energy stocks have a track record of surrendering initial gains just as fast.
All eyes shift to the U.S. cash open for the stock’s next hurdle, as traders scan headlines about tanker moves and look for momentum in crude futures. The focus: any real clues on the duration of the disruptions and if producers change course before April’s scheduled output boost.
