New York, March 3, 2026, 17:29 EST — After-hours
- Chevron slipped 0.4% in after-hours trading, with crude closing at its strongest level since January 2025.
- Israel told Chevron to halt operations at the Leviathan gas field offshore for now, introducing a fresh operational complication.
- Citi raised its price target on Chevron to $210, pointing to valuation support among global energy names.
Chevron dropped 0.4% to $188.77 in late trading Tuesday, having ranged from $187.46 up to $194.68 earlier. The move comes as investors reacted to a sharp rise in oil prices while parsing new geopolitical jitters tied to the company’s Eastern Mediterranean gas operations.
Big oil shares, like Chevron, are suddenly behaving as rapid-fire hedges in the Middle East conflict. Yes, Chevron’s cash flow often tracks crude prices, though the spikes that lift oil can just as easily snarl supply lines or disrupt fieldwork.
The stakes have shifted, with markets juggling a double-edged scenario: supply tightening that pushes up crude and products, while uncertainty lingers over how long energy infrastructure and regional gas flows remain exposed—possibly longer than traders are betting on.
Oil surged 4.7% Tuesday, with Brent finishing at $81.40 a barrel and U.S. West Texas Intermediate closing at $74.56. Both benchmarks notched their highest settlements in months, as the conflict snarled shipments and stoked worries over a prolonged hit to supply. Price Futures Group’s Phil Flynn pointed to traders shifting bets toward a faster end to the crisis following remarks from U.S. President Donald Trump. Investors now turn to Wednesday’s upcoming official U.S. oil inventory numbers from the Energy Information Administration. 1
The Israeli government has told Chevron to halt operations at the Leviathan gas field offshore Israel, a site where Chevron has been pushing to raise output toward 21 billion cubic metres annually under a $35 billion gas export agreement with Egypt. Chevron’s spokesperson maintained that its facilities remain secure. Torbjorn Soltvedt, risk analyst at Verisk Maplecroft, described the strike on Saudi Arabia’s Ras Tanura refinery as “a significant escalation,” warning it puts Gulf energy assets squarely on Iran’s radar. 2
Chevron shares dipped as broader U.S. equities lost ground, with the SPDR S&P 500 ETF Trust off roughly 0.9%. Exxon Mobil slid 1.6% to $151.83. ConocoPhillips managed a 0.3% gain, but Occidental Petroleum eased lower by about 1.0%.
Citi bumped its Chevron target up to $210 from $179, sticking with its Buy call. The bank cited “strong valuation support” for global energy stocks, pointing to shifting near-term pricing as the Middle East war continues. 3
Options traders piled into bullish positions as well. On Monday, Chevron saw 72,578 options contracts change hands, Nasdaq data showed. The $197.50 call expiring March 20 stood out for its heavy volume. 4
The trade doesn’t just move in one direction. Should there be a sharp de-escalation — or even a hint that shipping routes are clearing up — crude could fall sharply, dragging energy shares down with it. Still, drawn-out outages or tighter security might limit volumes across parts of Chevron’s gas portfolio.
Coming up, traders are eyeing Wednesday’s U.S. EIA inventory report, along with developments in tanker insurance, shipping snags, and the status of Leviathan—waiting to see if Israel gives the green light to restart. These operational shifts can be just as critical as crude’s next price swing.
