New York, March 2, 2026, 06:22 EST — Premarket
- Devon Energy shares pointed roughly 6% higher before the bell, building on Friday’s advance.
- Energy stocks drew attention as oil prices jumped following U.S. and Israeli strikes on Iran.
- Strait of Hormuz shipping activity remains in focus for traders, along with updates on Devon’s Coterra acquisition talks.
Shares of Devon Energy Corp jumped close to 6% ahead of the open Monday, buoyed by a surge in crude prices after strikes on Iran over the weekend shook the market. The stock was last quoted up 5.99% at $46.16, according to market data. 1
Oil jumped, risk assets lost ground, and traders zeroed in on energy stocks before the U.S. session. “At least in the short term, the disruption to global energy supply is substantial,” said Michael Langham, emerging markets economist at Aberdeen Investments. 2
Brent crude briefly climbed as high as $82.37 a barrel, gaining up to 13%, with U.S. West Texas Intermediate (WTI) — the benchmark for the U.S. — reaching $75.33 before pulling back, according to Reuters. “Uncertainty around the scale and duration” of the conflict is driving the move, said James Hosie at Shore Capital. Priyanka Sachdeva at Phillip Nova described it as a “geopolitical shock, not a systemic crisis,” as traders focused on shipping through the Strait of Hormuz. OPEC+, which includes OPEC members and allies like Russia, signed off on a 206,000 barrel-per-day output increase for April. 3
The spread of possible moves is broad, and oil’s rally could unwind fast if tensions ease. Citi analysts are calling for Brent to stick between $80 and $90 a barrel over the coming week as a base scenario, but drop toward $70 should things de-escalate. Goldman Sachs pegs the live “risk premium” for crude at roughly $18 a barrel — that’s the markup from supply jitters. Wood Mackenzie flagged that prices could break above $100 if tankers aren’t moving again soon. 4
Devon typically sees a boost to projected cash flow and capital returns when crude prices climb, but pricier oil tends to drive up service costs and can end up weighing on demand. On days when headlines swing the market, the stock reacts sharply in either direction.
Deal chatter is swirling after Devon and Coterra lined up an all-stock merger valuing the pair at roughly $58 billion. The companies are aiming to wrap things up in the second quarter. Devon CEO Clay Gaspar called it a “transformative merger” in the official announcement. 5
Devon finished Friday at $43.53, marking a 2.04% gain from its previous close of $42.66, figures from the company’s investor relations site show. 6
Devon set a fixed quarterly cash dividend at $0.24 a share, marking March 13 as the record date and payout scheduled for March 31. 7
Traders are watching to see if Monday’s early gains stick when the market fully opens. Energy names are poised for volatility; headlines from the Gulf could spark sharp moves. A single update on Hormuz shipping resuming might send prices sharply the other way.
