New York, Feb 19, 2026, 12:03 EST — Regular session
Chevron climbed 1.1% to close at $185.83 on Thursday, with the stock hitting an intraday peak of $187.84 as crude prices rallied and buyers continued to favor big energy names. Exxon Mobil posted a gain of roughly 0.8%, while Occidental Petroleum surged almost 8%.
This shift is notable: Chevron’s cash flow remains tied to oil and gas, and, all week, the market has been factoring geopolitics back into crude prices. As crude fetches higher bids, integrated oil majors like Chevron tend to catch a lift as well.
This link is volatile. That “risk premium” propping up oil? It can disappear in a flash on a single headline, with energy stocks usually tumbling right behind.
Brent crude added $1.13, settling at $71.48 a barrel, while U.S. crude (WTI) climbed $1.16 to $66.35—both marking levels not seen in about six months. This followed Wednesday’s sharp 4% rally. Traders cited escalating U.S.-Iran friction and concerns over the Strait of Hormuz, a vital corridor for oil shipments. A surprise decline in U.S. crude inventories gave prices an extra lift. (Reuters)
Chevron grabbed some focus from analysts this week as Melius Research shifted its stance to “buy,” assigning a $205 price target. James West at Melius singled out what he dubbed Chevron’s “value over volume” play, suggesting the market might be overlooking the company’s mounting exploration drive and flexibility in Venezuela. (TipRanks)
Chevron’s rally has the stock hovering near its recent peaks, and that’s still pulling in momentum traders, despite the broader tape’s back-and-forth moves.
The bull case really leans on crude sticking with recent gains. Should oil shed the “Iran premium”—basically the bet there’s no actual supply hit—energy stocks might start to slip. Ron Bousso at Reuters pegs that premium somewhere between $7 and $10 per barrel. (Reuters)
Chevron comes with its own sensitivities. Higher oil prices boost upstream earnings, sure—but they tend to spark political blowback and inject volatility into riskier assets, sometimes putting a ceiling on oil stocks.
Oil’s path is calling the shots at the moment, and Chevron’s shares are following suit.
Coming up, Chevron’s set to pay out its $1.78 per share quarterly dividend on March 10. (Chevron)
