NEW YORK, Jan 14, 2026, 12:14 EST — Regular session
- Chevron shares climb roughly 2%, standing out as energy stocks defy the wider market downturn
- Drone attacks targeting tankers headed for a major Kazakh export terminal intensify concerns over supply disruptions
- Investors are focused on the Jan. 17 deadline for Lukoil’s asset sale and Chevron’s earnings report set for Jan. 30
Shares of Chevron Corp climbed almost 2% on Wednesday, bucking the broader market’s decline. Traders favored energy stocks following new drone strikes in the Black Sea, which rattled crude supply lines. Chevron traded up 1.9% to $167.01 by midday.
Kazakhstan called on the United States and Europe to step up efforts to secure oil shipments after drones targeted tankers bound for the Caspian Pipeline Consortium’s (CPC) marine terminal on Russia’s Black Sea coast. The route handles about 1% of the world’s oil supply. CPC moves around 80% of Kazakhstan’s oil exports, with pipeline stakeholders including Chevron and Exxon Mobil units, alongside KazMunayGas and Russia’s Lukoil.
Shipping costs are starting to reflect the attacks. War-risk insurance for Black Sea port calls has jumped to around 1% of a vessel’s value, up from 0.6%-0.8% late last year, with terms now often reviewed every 24 hours, according to industry sources. Munro Anderson of Vessel Protect described the situation as “rapid risk escalation … a hallmark of the Black Sea environment.” David Smith at McGill and Partners noted rates are “spiking” and can exceed 1%, depending on the ship and port. Reuters
Two tankers, Delta Harmony and Matilda, were hit on Tuesday while en route to the Yuzhnaya Ozereyevka terminal near Novorossiysk. One of the vessels is chartered by Chevron, according to sources familiar with the situation. Chevron said about its tanker: “All crew are safe, and the vessel remains stable,” adding it was diverting to a safe port. Kazakhstan’s energy ministry confirmed the attacks and noted CPC was operating through a single mooring. A source told Reuters that Kazakhstan’s oil and gas condensate production dropped 35% from Jan. 1 to Jan. 12 compared to December’s average, mainly due to export bottlenecks at the terminal. Reuters
Chevron’s jump was part of a broader rally in oil-related stocks. Exxon Mobil climbed 2.4%, ConocoPhillips added 3.3%, even as the S&P 500 ETF slipped roughly 1%.
Oil prices edged higher around midday, lifting the energy sector. Brent crude climbed 48 cents to $65.95 a barrel, while U.S. West Texas Intermediate gained 35 cents, hitting $61.50. Traders balanced worries over Iran-linked supply disruptions against a hefty U.S. crude stock build. “We are in a period of geopolitical instability and potential supply disruption,” noted Jorge Montepeque of Onyx Capital Group. Despite a 3.4 million-barrel rise in U.S. inventories last week, Phil Flynn from Price Futures Group said focus remained on “increasing tensions with Iran.” Reuters
Investors are also weighing a Reuters report this week that a Chevron-Quantum Capital Group partnership is among the contenders bidding on Lukoil’s global assets. The U.S. has set a Jan. 17 deadline tied to sanctions rules. Valued around $22 billion, the portfolio would require sign-off from the U.S. Treasury’s Office of Foreign Assets Control, according to the report. Chevron and Quantum declined to comment.
The supply-risk premium could evaporate quickly if CPC loadings return to normal and the market judges the recent attacks won’t cause lasting export disruptions. The Lukoil deal also faces regulatory timing hurdles, while crude prices remain vulnerable to inventory changes and sudden geopolitical news.
Chevron is set to release its fourth-quarter 2025 earnings on Jan. 30 at 11:00 a.m. EST. Investors will be focused on fresh guidance and any clues about the current trading environment.
Traders will be eyeing any new developments on Black Sea shipping security and CPC export volumes before then, while also monitoring the Jan. 17 deadline linked to Lukoil’s asset sale and the unfolding Iran-related oil swings.
