New York, Jan 25, 2026, 12:43 PM EST — Market closed
- Brent and U.S. WTI closed at their highest levels in over a week on Friday, driven by renewed concerns over U.S.-Iran supply disruptions
- Oil shares ended the last session mixed, with investors balancing crude’s strength against signals of restrained spending
- Traders are focused on U.S. inventory figures due Jan. 28, with Exxon and Chevron earnings set to follow on Jan. 30
Oil shares are poised to open higher Monday in the U.S. as crude prices hit their highest level in over a week amid mounting pressure on Iran from Washington, raising fresh supply concerns. On Friday, Brent climbed $1.82, or 2.8%, to close at $65.88 a barrel. U.S. West Texas Intermediate jumped $1.71, or 2.9%, ending the day at $61.07. (Reuters)
Exxon Mobil gained roughly 1% in the latest session, with ConocoPhillips climbing around 1.5%. Chevron, meanwhile, held steady. Oilfield services showed more mixed action: SLB dipped about 0.3%, Halliburton nudged up 0.7%, and the VanEck Oil Services ETF dropped close to 0.4%.
The split is crucial now since crude strength hasn’t directly translated into bigger drilling budgets. Over the last year, producers have leaned heavily on dividends and buybacks, leaving service firms still waiting for a genuine surge in activity.
Venezuela is back in the headlines. A tanker, chartered by Trafigura, departed Jose port on Sunday carrying around 1 million barrels of Merey heavy crude headed for the Louisiana Offshore Oil Port. LSEG data and shipping documents confirm this. Reuters reported this as the first direct shipment from Venezuela to a U.S. port under a new 50-million-barrel supply agreement struck this month between Caracas and Washington. (Reuters)
SLB topped Wall Street’s profit estimates for Q4 and indicated it could boost operations in Venezuela, provided licensing and compliance are sorted. CEO Olivier Le Peuch warned that North America land activity will keep falling year-on-year. The company expects a high-single-digit sequential dip in first-quarter revenue and a 15%-20% drop in adjusted core profit, excluding certain items. (Reuters)
Le Peuch sounded more optimistic on the global outlook in comments reported by Rigzone. “As we move into 2026, we believe that the headwinds we experienced in key regions in 2025 are behind us,” he said, highlighting expectations for increased rig activity in the Middle East. On Venezuela, he added that SLB can “rapidly ramp up activities” once the proper licensing, safety, and compliance measures are secured. (Rigzone)
Drilling data has provided a clearer sign this week. The Baker Hughes rig count ticked up by one to 544 in the week ending Jan. 23, according to Baker Hughes. Still, that’s 32 fewer rigs than the same week last year, marking a 5.6% decline. (Reuters)
Trade flows are changing amid sanctions pressure. Data reveals China’s seaborne imports of Russian oil are poised to rise in January, while India and Turkey scale back purchases. This adds complexity for traders tracking global supply and demand. (Reuters)
Big Oil will deliver concrete figures later this week. ExxonMobil plans to release its fourth-quarter 2025 results and hold its earnings call on Friday, Jan. 30. Chevron’s fourth-quarter earnings call is scheduled for the same day. (Exxon Mobil Corporation)
But the crude-driven rally might not last. Should Middle East tensions ease or supply disruptions resolve sooner than anticipated, oil could surrender its gains, pushing the sector back to being valued on cash returns rather than growth prospects.
On Wednesday, Jan. 28, the U.S. Energy Information Administration will drop its weekly petroleum status report at 10:30 a.m. Eastern. This update often sparks quick moves in crude prices and energy stocks. (U.S. Energy Information Administration)
