New York, February 6, 2026, 12:31 PM (ET) — Regular session.
Exxon Mobil Corporation shares climbed roughly 2.1% on Friday, pushing XOM to about $149.12 by midday, close to this week’s peak. So far, the stock has fluctuated between $146.00 and $149.55 during the session.
This matters now because Exxon is caught between two volatile forces: oil prices that refuse to settle and a stock market searching for stability after a tech-driven decline. Investors are asking if cash-return stocks can still draw capital as crude prices slip.
U.S. stocks bounced back Friday following a tough week for tech, as investors grew choosier about pricey growth names. “There’s almost unabashed enthusiasm and then there’s a period of greater discernment,” noted Kristina Hooper, chief market strategist at Man Group. 1
Oil prices dipped as traders weighed U.S.-Iran negotiations in Oman against the threat of broader Middle East tensions. Brent dropped to around $67 a barrel, on track for a weekly decline, while U.S. WTI eased to about $62.69. “The underlying fundamental backdrop is not really encouraging, it implies an oversupplied market,” said PVM’s Varga. 2
Exxon’s rebound came after a weak Thursday, when the stock slipped 1.02% to $146.08, ending a brief two-day rally. This set the stage for dip buyers to step in as the wider market found its footing. 3
Broker opinions have diverged sharply following Exxon’s recent quarterly results and executive meetings. BMO Capital raised its price target to $155 from $125, maintaining a market-perform rating. Analyst Phillip Jungwirth described the quarter as “neutral from an expectations perspective.” On the other hand, BNP Paribas Exane downgraded Exxon to underperform, setting a $125 target and pointing to valuation concerns. 4
The divide is clear across the sector. ConocoPhillips, focused mainly on upstream oil-and-gas production, announced plans to slash capital and operating expenses by $1 billion in 2026 after falling short of fourth-quarter profit forecasts. The move highlights how swiftly lower crude prices hit producers without the cushioning effect of refining. 5
European giant Shell stuck to shareholder returns despite profits slipping due to weaker prices, maintaining its $3.5 billion quarterly buyback. CFO Sinead Gorman described the payout range as “sacrosanct.” Reuters also highlighted that Exxon plans to hold firm on its $20 billion buyback program this year. (Share repurchases, or buybacks, reduce the number of shares outstanding.) 6
That tailwind could vanish quickly if crude prices keep falling. Oil dropped nearly 3% Thursday amid volatile trading after the U.S. and Iran agreed to talks in Oman. Phil Flynn of Price Futures Group warned the market “still don’t know what the outcome will be,” underscoring how energy stocks might stall if diplomacy eases the risk premium or worries over oversupply grow. 7
Traders are eyeing Wednesday, Feb. 11, when the U.S. Bureau of Labor Statistics is set to drop the delayed January jobs report at 8:30 a.m. ET. This release often shakes up the dollar, rate expectations, and crude oil prices—and could ripple through Exxon’s stock. 8
