New York, Feb 27, 2026, 18:40 EST — After-hours
- Exxon climbed roughly 3% during the session, then held steady in the after-hours trade.
- Oil finished at levels not seen in months, with U.S.-Iran negotiations stretching into next week and no agreement in sight.
- Traders are eyeing Vienna’s technical talks now, with an OPEC+ output decision set for March 1.
Exxon Mobil (XOM) ended Friday up 2.7%, settling at $152.60. After-hours, the stock barely budged following the 4 p.m. bell. Shares ranged from $149.25 to $153.61 during the session.
Crude was in the driver’s seat. Brent finished at $72.48 a barrel, while U.S. West Texas Intermediate wrapped up at $67.02—levels not seen since July and August. The gains came after the U.S. and Iran pushed off a deal, agreeing to keep indirect nuclear discussions rolling into next week. “The likelihood Iran is going to agree to what the Trump administration wants doesn’t seem possible,” said Phil Flynn, senior analyst at Price Futures Group. Reuters
Exxon feels those moves right away. The stock gets treated by investors almost like a liquid stand-in for oil exposure—especially with a weekend coming up, when headline shocks can jolt energy prices before trading starts.
Economists and analysts surveyed by Reuters pushed their 2026 forecast higher, but they’re also warning about a likely supply glut cropping up later in the year. OPEC+, which brings in Russia, is set to meet this Sunday. On the table: a possible 137,000 barrel per day bump in April production. Analysts peg the current geopolitical “risk premium” — the cushion built into prices for supply worries — somewhere in the $4 to $10 per barrel range. “Oil prices are bloated with a decent geopolitical risk premium,” said Norbert Rucker at Julius Baer. Reuters
Physical market players noted that Saudi Aramco has moved its first ultra-light condensate cargoes from the Jafurah project, landing deals with U.S. majors. Exxon snapped up a cargo scheduled to load next month, sources said. Condensate, prized for blending and as refinery feedstock, remains in demand.
Exxon pulled ahead of other Big Oil names, finishing as the top performer. Chevron tacked on 1.4%. The S&P 500, meanwhile, dropped 0.4%.
Exxon continues to court investors with hefty shareholder payouts, regardless of oil’s swings. Back in late January, $9.5 billion went out the door for the quarter—$5.1 billion spent on buybacks, $4.4 billion in dividends.
This setup isn’t one-sided. If U.S.-Iran negotiations suddenly yield progress, crude could lose its fear premium fast. Producers bringing extra barrels would likely send oil prices lower, with energy stocks following close behind.
Now attention turns to Sunday’s March 1 OPEC+ meeting, with Vienna technical talks lined up for next week. For XOM, whether crude prices can stay at those multi-month highs heading into Monday could be the deciding factor in the next round.
