New York, January 13, 2026, 14:14 EST — Regular session
- Chevron shares climbed roughly 2.2% in afternoon trading, boosted by a surge in crude prices amid concerns over Iran supply.
- Two Black Sea tankers were struck by drones, one of which is chartered by Chevron; the company confirmed the crew remains safe.
- Investors are watching a Jan. 17 U.S. deadline linked to a potential sale of Lukoil’s global assets, with Chevron reportedly among the bidders.
Shares of Chevron Corporation rose roughly 2.2%, reaching $165.95 in Tuesday afternoon trading.
Crude prices jumped following unrest in Iran, stoking fears of supply disruptions. Brent surged 2.5% to $65.44 a barrel, while U.S. West Texas Intermediate rose 2.7% to $61.09 by 1:22 p.m. EST. Barclays estimates the geopolitical premium at roughly $3-$4 a barrel. John Evans from PVM Oil Associates noted, “The oil market is building in some price protection against geopolitical drivers.” Meanwhile, Mizuho’s Bob Yawger cautioned that a pullback from Iranian barrels could cut global supply by about 3.3 million barrels a day. Reuters
The gap between WTI and Brent—the U.S. benchmark versus the global marker—has widened as more Venezuelan crude heads for U.S. ports. On Tuesday, WTI traded at a $4.76 discount to Brent, the widest spread since April. Matt Smith from Kpler noted that increased Venezuelan shipments could boost U.S. crude exports by up to 100,000 barrels per day in Q1. Dylan White, Wood Mackenzie’s director of North American crude markets, said, “A heavier U.S. crude diet would push more domestic WTI barrels into export markets.” Reuters
Exxon Mobil climbed roughly 2.4%, while ConocoPhillips added around 1.7%, pushing other energy giants up alongside the broader tape.
Chevron was in the spotlight after drones hit two tankers in the Black Sea, one of which was chartered by the company, as they approached a Russian terminal that handles most Kazakh crude exports. “All crew are safe, and the vessel remains stable,” Chevron confirmed. Following the attacks, war-risk insurance premiums for ships entering the Black Sea almost doubled. Meanwhile, Kazakhstan’s oil and condensate production dropped 35% between January 1 and 12 compared to December’s average, a source familiar with the figures told Reuters. Reuters
The Energy Information Administration, the U.S. government’s energy stats agency, warned that lower oil prices will likely curb drilling and shave U.S. output by 1% this year. It projects Brent crude at an average of $56 a barrel in 2026, assuming Venezuela sanctions stay through 2027. The EIA added that any easing of sanctions bringing more Venezuelan oil to market would push prices down further.
Venezuela’s state oil firm PDVSA is rolling back production cuts imposed during the strict U.S. embargo, according to sources familiar with the operations. Exports are kicking back into gear under U.S. oversight. In December, shipments almost came to a halt—only Chevron exported crude from its joint ventures under a U.S. license. Output dropped to around 880,000 barrels per day last week, down from 1.16 million barrels per day in late November.
Deal chatter has resurfaced. Chevron and Quantum Capital, among others, are eyeing Russia’s Lukoil global assets, worth around $22 billion, Reuters reports. The U.S. deadline for Lukoil to offload these holdings runs out on Jan. 17. Any purchaser needs the green light from the Treasury Department’s sanctions office, the Office of Foreign Assets Control. Both Chevron and Quantum declined to comment.
Legal risks are mounting. On Monday, the U.S. Supreme Court heard arguments about whether more than 40 Louisiana lawsuits seeking billions for coastal damage should be shifted to federal court. Chevron’s attorney, Paul Clement, highlighted an April 2025 jury verdict that ordered Chevron to pay $744.6 million to Plaquemines Parish. A ruling is expected by June.
Yet the forces pull in both directions. More Venezuelan barrels flooding the market could keep crude prices in check, even with geopolitical tensions driving up risk premiums. At the same time, shipping snags can push costs higher just as supply tightens.
Chevron investors face a straightforward picture: rising crude prices boost upstream cash flow, yet a bigger WTI discount favors U.S. refiners while squeezing producers. The market is also keeping an eye on whether the tanker attacks will lead to a sustained disruption in Black Sea shipping.
The next key date is Friday, Jan. 17, when the U.S. deadline linked to Lukoil’s asset sale runs out. Any OFAC action or extension after that could push Chevron’s deal chances into next week.
