New York, March 3, 2026, 11:45 EST — Regular session
Exxon Mobil closed down 1.1% at $152.50 Tuesday. Shares swung between $157.94 and $150.46 over the session, opening the day at $155.42.
Crude prices are surging again, fueled by renewed supply jitters linked to the escalating U.S.-Israeli tensions involving Iran and fresh threats near the Strait of Hormuz. Brent shot up roughly 7%, hitting levels not seen in 19 months. ING analysts flagged a bigger risk: the possibility of Iran striking more regional energy assets. 1
Oil’s surge hasn’t provided any cover for stocks. The major U.S. indexes slid over 2% during morning hours, as traders gauge whether rising energy prices might stoke inflation and muddy the rate-cut outlook. “The main concern is that (oil prices) goes to over $100 a barrel and stays there,” said Robert Pavlik, senior portfolio manager at Dakota Wealth. 2
For Exxon, those same geopolitical forces pushing crude prices up also cast uncertainty over its operations. Jefferies figures the Middle East makes up roughly 20% of Exxon’s oil and gas production. TD Cowen points out that close to 60% of the company’s LNG business—liquefied natural gas cooled and shipped in liquid form—relies on the region. Exxon wouldn’t discuss its activities there. Barclays’ Betty Jiang, meanwhile, highlighted the company’s Golden Pass LNG project in Texas, which is slated to come online this month. 3
Qatar pulled the plug on LNG production Monday after drone strikes hit facilities, cutting off supplies that make up roughly 20% of the world’s market. The country prepared to invoke force majeure, which would suspend its delivery contracts. “The attack on Saudi Arabia’s Ras Tanura refinery marks a significant escalation, with Gulf energy infrastructure now squarely in Iran’s sights,” said Torbjorn Soltvedt, principal Middle East analyst at risk intelligence firm Verisk Maplecroft. 4
Chevron edged up 0.7%, while ConocoPhillips tacked on 1.8% elsewhere in the sector.
Exxon’s Darrin L. Talley, who heads corporate strategic planning as vice president, unloaded 2,150 shares via a revocable trust on March 2. The average price: $157.8201 per share, according to a separate filing. 5
Investors kept an eye on corporate updates, with Exxon slated to participate in a fireside chat at the Morgan Stanley Energy & Power Conference at 11:00 a.m. ET, per the company’s investor relations site. 6
Both sides face clear risks here. Should the conflict ease and the risk premium evaporate, crude prices might tumble, dragging energy stocks along for the ride. But if the turmoil widens, steeper prices might not make up for lost output or rising logistics bills.
Market focus remains on possible changes in shipping risk near the Strait of Hormuz, along with the duration of Gulf production outages. Eyes are now on Wednesday’s U.S. Energy Information Administration petroleum status report, due at 10:30 a.m. Eastern. 7
