New York, Feb 7, 2026, 05:50 EST — Market closed.
Exxon Mobil closed out Friday’s session at $149.05, up 2.03%, hitting a new 52-week peak as energy names climbed alongside a wider U.S. equity upswing heading into the weekend. 1
Next week’s outlook? Messier. Oil’s been jerking around on the latest U.S.-Iran headlines, and that volatility feeds right into the big integrateds—Exxon among them. Brent closed out Friday at $68.05 a barrel. WTI, the U.S. benchmark, was at $63.55. “We keep going back and forth on this Iran situation,” said John Kilduff, partner at Again Capital. 2
Crude took a sharp dive just a day ago, with traders betting that negotiations might actually curb supply worries. “There is still scepticism that any reasonable deal can be made with Iran,” wrote Phil Flynn, senior analyst at Price Futures Group, in a comment to Reuters. 3
The U.S. State Department on Friday slapped sanctions on 15 companies and 14 vessels connected to Iranian oil and petrochemical trading, adding fresh pressure to the sector. 4
Iran’s foreign minister described the Oman-brokered discussions as a “good start” and indicated talks are set to go on. U.S. President Donald Trump, speaking to reporters, said his team plans another meeting with Iran early next week. 5
Exxon jumped on Friday as the broader market rallied, with the S&P 500 climbing 1.97% and the Dow Jones Industrial Average advancing 2.47%. Chevron ticked up 0.91%, while ConocoPhillips added 2.51% during the session—traders went back to cyclicals. 6
Refiners caught a slight break. The United Steelworkers signed off on a national deal, narrowly sidestepping a strike that threatened about 30,000 employees across 26 refinery and petrochemical operators, according to Reuters. 7
On the corporate front, Exxon shares are still basking in the momentum from its recent earnings. The oil giant surpassed analysts’ estimates in its fourth-quarter report dated Jan. 30, posting adjusted earnings of $1.71 a share—above the $1.68 Wall Street was looking for. Stronger output from both the Permian Basin and Guyana drove the beat, LSEG figures show, as reported by Reuters. 8
Mark Feb. 20 for Exxon watchers. The company told the SEC in a Jan. 30 filing it’s set to release a refreshed “Company Overview and Investment Case” presentation that day. 9
The risk is clear enough. Should the Iran premium evaporate and crude prices tumble, Exxon could drop just as quickly—recent sessions have already highlighted how abruptly sentiment can reverse in oil. Next up: traders will be eyeing the latest U.S.-Iran diplomatic signals when markets open Monday, tracking weekly U.S. crude inventory numbers midweek, and waiting for Exxon’s update on Feb. 20, looking for any fresh hints about its path through 2026.
