NEW YORK, Feb 8, 2026, 14:02 (EST) — Market’s shutters down.
- Firmer crude prices pushed U.S. energy stocks to a record sector close on Friday.
- Exxon, Chevron and ConocoPhillips ended the day in positive territory. Oilfield services names and refiners notched gains as well.
- Attention turns to updates from OPEC and the IEA on the oil market due later this week, along with upcoming U.S. inflation numbers.
Energy shares in the U.S. wrapped up Friday with a new sector high, lifted by a rebound in oil prices late in the week and gains across the wider equity market. Brent crude, a key international gauge, closed out at $68.05 a barrel. U.S. crude (WTI) ended the day at $63.55.
This sector’s momentum is notable—it’s been out in front so far in 2026. Still, it remains sensitive to oil news, which can swing sharply within a day. According to S&P Dow Jones Indices, the S&P 500 Energy sector index added 1.89% on Feb. 6, bringing its year-to-date jump to 19.32%.
The Energy Select Sector SPDR Fund (XLE), the primary U.S. energy sector ETF, ended Friday at $53.25, gaining 1.99%.
Oil snapped back Friday, with traders parsing U.S.-Iran negotiations that, according to Reuters, left market nerves about a broader conflict unresolved. “Status quo nervousness over Iran” sticks, said John Kilduff of Again Capital. Reuters also highlighted risks around the Strait of Hormuz—a crucial shipping corridor—and noted concerns over possible disruptions to Kazakh supplies. Saudi Arabia, meanwhile, lowered its official selling price for Arab Light crude to Asia yet again, trimming the monthly contract benchmark. Reuters
Exxon Mobil closed up nearly 2.0% at $149.05, and Chevron finished the day higher by 0.8% at $180.86. ConocoPhillips jumped 2.5% to $107.62. Schlumberger shares advanced 2.4% to $50.70, with Halliburton picking up 3.3% to $34.98. Refiner stocks weren’t left out—Marathon Petroleum moved up 3.7% to $203.00, while Phillips 66 gained 2.2% to $157.80.
Still, geopolitics swings both ways for the group. Sunday saw most Gulf stock markets edge higher, following what Reuters called a positive initial shift in U.S.-Iran negotiations. XTB MENA analyst Milad Azar pointed out that the talks helped relieve “previous geopolitical pressures.” Reuters
Beneath the headline numbers, supply looms as a second risk. The U.S. Energy Information Administration’s most recent Short-Term Energy Outlook puts Brent crude at an average of $56 a barrel in 2026, WTI at $52, pointing to production outpacing demand.
Midweek brings the next key updates. OPEC is set to publish its monthly oil market report on Wednesday, Feb. 11, with the International Energy Agency following up with its Oil Market Report on Thursday, Feb. 12.
There’s also the U.S. inventory picture to consider. Normally, the EIA drops its Weekly Petroleum Status Report at 10:30 a.m. Eastern each Wednesday—unless there’s a holiday in the way. Traders tend to seize on those numbers for a first look at demand, refinery activity, and whether stockpiles are swelling or shrinking.
Macro forces haven’t left the stage. The Bureau of Labor Statistics has the January 2026 U.S. CPI report slated for release at 8:30 a.m. Eastern on Friday, Feb. 13, lining it up as a possible mover for both the dollar and oil.
Energy shares face a straight-up challenge Monday: will Friday’s all-time sector close stick when Wall Street’s back in action Feb. 9? Traders watching this week’s oil data and Friday’s inflation numbers for any jolt that could get crude prices moving again.
