Exxon, TotalEnergies face fresh output risk as Iran war squeezes Hormuz — and oil stocks react
Brent crude rose 7% to $83.44 a barrel Tuesday as Iran’s war with the U.S. and Israel disrupted Middle East oil and gas output, hitting Exxon Mobil, TotalEnergies, and Shell. Qatar halted LNG production after drone attacks, affecting about 20% of global supply. Tankers have avoided the Strait of Hormuz after insurers pulled coverage. Exxon shares gained 1.1% Monday; analysts raised price targets.