NEW YORK, March 2, 2026, 10:36 (EST) — Regular session
- Exxon Mobil shares climbed as crude prices spiked on renewed concerns over Middle East supply.
- Shares notched a new high out of the gate, but some of those early gains faded as the wider market lost ground.
- Attention turns to shipping activity in the Strait of Hormuz, with Exxon slated for a conference appearance Tuesday.
Exxon Mobil Corp picked up 1.1% to $154.22 on Monday, tracking a sharp jump in oil prices amid jitters that the Iran conflict might disrupt energy flows. Shares touched $159.37 at their session high.
This shift hits differently with Exxon, which occupies a central spot in the oil trade. Crude prices spike, and suddenly investors are quick to rethink how much cash Exxon might throw off. The timing is notable too—energy is holding its ground as an inflation hedge, just as most of the market pulls in the other direction.
Bond investors haven’t missed it. “At the very least, higher oil prices will keep upward pressure on inflation in the months ahead,” said Jordan Rochester, head of fixed income and currencies strategy at Mizuho International. Reuters
Brent crude jumped up to 13%, touching $82.37 a barrel before pulling back. U.S. crude followed with a sharp climb as well, after Israeli and U.S. attacks on Iran—and Tehran’s response—hit facilities and snarled shipping near the Strait of Hormuz. “The latest move reflects uncertainty around the scale and duration of the current conflict,” said James Hosie of Shore Capital. Reuters
Wall Street started in the red. At the open, the S&P 500 dropped 0.79%; the Nasdaq lost 1.53%. Investors factored in the threat of a drawn-out conflict dragging on trade and prices.
Energy stocks managed to stand out in early trade, with other big U.S. oil producers also moving higher as crude prices spiked.
Exxon’s equation looks straightforward right now: as crude prices climb, its upstream segment—the oil and gas production arm—typically gets a boost. Refining? That’s a different story. Fuel demand and margins can push results either way, especially when price swings hit.
Exxon’s latest filing puts its first-quarter dividend at $1.03 a share, set for payment March 10. The company is sticking with its target to buy back $20 billion in stock by 2026, though that depends on how the market shapes up.
Exxon’s got something coming up soon: Senior vice president Jack Williams is lined up to speak at the Morgan Stanley Energy & Power Conference in New York on March 3.
The oil trade isn’t one-sided. Plenty of investors are wagering that any shock dissipates, assuming the conflict doesn’t spread and shipping gets back on track. But strategists caution: markets could be overlooking the risk if containment falls apart and energy prices stay high.
Now traders are watching tanker movement in the Strait of Hormuz, tracking if crude prices stay close to post-weekend highs. Exxon investors, meanwhile, are eyeing Tuesday’s Morgan Stanley fireside chat—the first event on the calendar.
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