NEW YORK, March 2, 2026, 05:00 EST — Before the bell
- Exxon Mobil shares jump sharply before the U.S. market opens.
- Oil is jumping, following fresh tensions in the Middle East over the weekend.
- Shipping activity in the Strait of Hormuz remains in focus for traders, along with new U.S. inventory numbers.
Exxon Mobil (XOM) jumped 4.97% before the bell Monday, trading at $160.08 as of 5:00 a.m. EST. That’s up $7.58 from Friday’s $152.50 close, with roughly 248,000 shares changing hands early. 1
Bidding interest in Exxon has picked up just as crude prices are spiking—traders are watching the Middle East, where supply fears have taken hold. Oil futures shot up over 8% after U.S. and Israeli strikes in Iran killed Supreme Leader Ali Khamenei. Tehran hit back across several fronts. The market’s focus: traffic through the Strait of Hormuz, the route for over a fifth of the world’s oil. According to Goldman Sachs, there’s now an $18-a-barrel real-time risk premium baked in. Wood Mackenzie says if tankers can’t resume normal passage soon, crude could break above $100. 2
When crude prices stay high, Exxon’s upstream division—its drilling and production side—usually benefits, boosting potential cash payouts. In its recent report, the company announced a $20 billion share buyback program running through 2026. Exxon also set a quarterly dividend of $1.03, payable March 10. 3
Brent crude jumped $6.91, or 9.5%, to $79.78 by 0748 GMT, having earlier reached $82.37. U.S. WTI crude added $5.88, or 8.8%, to $72.90 after peaking at $75.33, according to Reuters. “It seems more likely a geopolitical shock rather than a systemic crisis,” said Priyanka Sachdeva at Phillip Nova. Helima Croft at RBC Capital Markets pointed out that “every OPEC+ producer is producing at their current maximum capacity except for Saudi Arabia.” 4
Shipping is under immediate strain. Tanker owners, oil majors and traders have halted shipments through Hormuz, trading sources told Reuters. An EU naval mission reported several vessels were told by radio that passage was off limits, while INTERTANKO said the U.S. Navy has warned safe navigation in the area can’t be guaranteed. 5
OPEC announced that eight members of the OPEC+ alliance will boost production by 206,000 barrels per day in April, starting to roll back their voluntary reductions. The organization plans to stick with monthly meetings, with the next scheduled for April 5. 6
Exxon’s action comes amid a bigger push into energy abroad. On Monday, European stocks slipped. Still, oil giants Shell, BP, and TotalEnergies each jumped over 5% as crude prices spiked, according to Reuters. 7
Still, once the regular U.S. session kicks in, that trade can turn on a dime. Should there be any hint of tanker congestion easing, or even the faintest suggestion that tensions are subsiding, crude’s war premium could evaporate—leaving Exxon exposed to a rapid reversal, particularly after such a light premarket lift.
Investors are looking to see if shipping through the strait holds steady, while eyes are also on the U.S. Weekly Petroleum Status Report coming out March 4 at 10:30 a.m. Eastern. That release will provide the next snapshot on crude stockpiles and demand. 8
