New York, Feb 28, 2026, 14:04 EST — The market has closed.
- Chevron ended Friday’s session up 1.4%, finishing at $186.76.
- After strikes hit Iran, Israel closed off sections of its gas infrastructure—this included the Chevron-operated Leviathan field.
- Oil traders head into Monday bracing for turbulence, with shipping lanes through Hormuz tightening and the OPEC+ group set for a Sunday meeting.
Shares of Chevron Corp (CVX) face new uncertainty this week, after three sources told Reuters that Israel temporarily shut down sections of its natural gas reservoirs—including the Leviathan field offshore, run by Chevron. Citing security assessments, Israel’s Energy Ministry said energy needs would be filled by other sources. Chevron pointed Reuters to the ministry for comment. CVX finished Friday up 1.41% at $186.76.
Energy investors are watching the Strait of Hormuz, that slim chokepoint moving about a fifth of the world’s oil and hefty amounts of LNG. After U.S.-Israeli strikes hit Iran, and with Tehran declaring the waterway closed, several tanker operators, oil majors, and trading firms have halted crude, fuel, and LNG shipments through Hormuz, trading sources told Reuters.
Crude prices were already on the move before tensions flared over the weekend. Brent finished Friday 2.45% higher at $72.48 per barrel. U.S. crude (WTI) added 2.78%, closing at $67.02. The S&P 500, on the other hand, slipped 0.43%. “It’s time for a breather,” said Talley Leger, chief market strategist at The Wealth Consulting Group, commenting on the dip in chip stocks. Reuters
Macro desks are bracing for a headline-heavy start on Monday. “Energy is still inexpensive. That’s the obvious sector that rallies on Monday,” said Nick Ferres, chief investment officer at Vantage Point Asset Management, commenting in a Reuters roundup of responses to the strikes. Reuters
Chevron investors face a tricky balance. Yes, rising oil prices typically boost upstream earnings, but abrupt supply jolts have a way of scrambling operations and trade routes. With its worldwide footprint in oil and gas output, plus refining and chemicals, Chevron’s shares often move with crude prices—though rarely in perfect lockstep.
Still, energy bulls face a potential drawback: that risk premium could disappear fast if supply flows stay steady and tensions ease off. Barclays sees Brent possibly reaching $80 a barrel in the event of a significant supply hit, but the bank also cautions that without an escalation affecting output, the current $3-$5 per barrel risk premium might vanish, dragging prices down by that same margin.
Supply policy might move quickly. OPEC+, steered by Saudi Arabia and Russia, is set for its Sunday, March 1 meeting at 1100 GMT, with two sources familiar with the talks saying the group could weigh an output hike of 411,000 barrels per day—more than initially planned.
Chevron investors are eyeing developments on the Leviathan halt, with attention also turning to early movements in oil futures as trading picks up again. Shipping patterns offer another clue—if tankers keep steering clear of Hormuz, the length of any resulting backlog will be key.
Crude jumping sharply might pull up the sector, Exxon Mobil among them. That trade, though, unravels fast if OPEC+ loosens supply, or if shipping lanes remain clear despite the noise. Right now, it’s just a market move dressed up in a company ticker.
Coming up: OPEC+ is set to decide Sunday, March 1. U.S. trading resumes Monday, March 2, and energy stocks are poised to react to moves in crude—plus any new signals from officials or operators in the area.
