NEW YORK, March 1, 2026, 13:35 EST — The market is closed.
- Israel temporarily closed sections of its gas reservoirs—Leviathan, operated by Chevron, among them—in response to U.S.-Israel strikes on Iran.
- Chevron ended Friday’s session at $186.76, a gain of 1.41%. Shares edged higher again after the bell.
- Oil’s set for a sharp repricing when markets open this week, analysts say, with traders zeroing in on supply threats around the Strait of Hormuz.
Israel has temporarily shut portions of its natural gas reservoirs—including the offshore Leviathan field run by Chevron—following joint U.S. and Israeli strikes on Iran, according to three sources. Energean reported that its production vessel, which supplies multiple Israeli fields, is also offline. The country’s Energy Ministry cited “the current situation” and ongoing security assessments as reasons for the closures. Reuters
Chevron ended Friday’s session at $186.76, up 1.41%, then edged higher to $187.39 after the bell—just a shade below its 52-week peak of $187.90. U.S. stock markets are closed Sunday, but with crude and shipping risks top of mind, energy stocks are positioned for a headline-sensitive start to Monday.
Traders zeroed in on the Strait of Hormuz after the weekend’s escalation, watching for any recovery in oil supply routes through the vital shipping lane. “Energy is still inexpensive,” said Nick Ferres, CIO at Vantage Point Asset Management, calling it “the obvious sector” to watch for a Monday rally. Helima Croft of RBC Capital described $100-a-barrel crude as a “clear and present danger” if supply gets further squeezed. Jorge Leon at Rystad Energy warned the market could face an “effective loss of 8-10 million” barrels per day if flows are disrupted. Reuters
Chevron faces a pressing operational headache here. A prolonged Leviathan shutdown cuts production from a politically sensitive site, leaving investors uneasy about possible fresh halts in the area.
Brent surged to $73 a barrel on Friday, hitting levels not seen since July. Over the counter, prices were quoted between 8% and 10% higher — sitting near $80 a barrel on Sunday, according to traders. The OPEC+ group, which includes Russia, signed off on a 206,000 barrel per day production hike starting in April. But as UBS’s Giovanni Staunovo pointed out, “real barrels being added to the market will be a fraction” of that official increase. Meanwhile, Reuters said oil, gas, and other cargoes through the Strait of Hormuz have stopped moving since Saturday after shipowners got a warning from Iran, leaving hundreds of vessels anchored in the Gulf. Reuters
Energy shares usually move on just a handful of drivers: crude prices, refining spreads, and replacement costs. But this week, there’s something else in play — whether sites can stay running in areas where a security incident can halt output almost instantly.
Investors are on alert for word from Israel’s Energy Ministry about a possible Leviathan restart, and eyes are also on Chevron for statements about how operations are affected. In the U.S., early trading Monday is expected to track oil futures and latch onto any indication that Gulf shipping lanes are reopening.
If tensions drop quickly or if it’s clear tankers are sailing through Hormuz without trouble, crude prices could ease and energy stocks might lose their recent lift. On the flip side, a drawn-out disruption risks driving up costs and hitting upstream production, even in the eastern Mediterranean.
Chevron faces its next hurdle when U.S. markets open Monday, March 2. Traders have their eyes on crude’s first print for the week, scanning for any hints that Israel’s gas fields or critical Gulf shipping lanes are edging closer to normal operations.
