New York, Feb 8, 2026, 13:01 EST — Market’s done for the day
- U.S. energy stocks finished Friday at fresh highs, with Exxon climbing roughly 2%.
- Brent finished at $68.05, while WTI closed at $63.55, with ongoing Iran talks leaving traders on edge.
- Traders are watching for Iran-related headlines, with U.S. oil supply numbers on deck for Feb. 10-11.
Friday wrapped up with oil stocks notching an all-time high—the S&P 500 energy sector finished 1.88% stronger at 820.03. Exxon Mobil advanced 2.03% to $149.05. Chevron moved up 0.91% to $180.86. ConocoPhillips picked up 2.51%, closing at $107.62.
It’s not so much company headlines pushing that strength as it is oil’s sharp swings. Energy names now serve as a fast track for playing geopolitics, particularly when crude jumps or slips a buck or two within the hour.
Brent crude finished the session at $68.05 a barrel, while U.S. West Texas Intermediate ended up at $63.55, snapping back after losses earlier in the day. According to traders, the ongoing Oman-brokered discussions between the U.S. and Iran barely dented concerns over potential conflict, so the “risk premium” tied to supply threats stuck around. “We keep going back and forth on this Iran situation,” said John Kilduff, partner at Again Capital. Meanwhile, traders’ focus shifted back toward possible export setbacks from Kazakhstan, as well as Saudi Arabia’s latest price reductions for Asian buyers. Reuters
U.S. markets are closed Sunday, so attention turns to Monday’s open. The focus: can oil stick in the $60s, and will energy shares keep finding buyers as the news cycle moves on?
Stocks across the Gulf climbed Sunday as Iran’s foreign minister described the talks as getting off to a “good start” and signaled they’d go on. “Previous geopolitical pressures” on Gulf indices eased, noted Milad Azar, analyst at XTB MENA. Reuters
Despite a rebound on Friday, front-month ICE Brent closed out the week down 1.83% at $68.05. The market’s split direction hasn’t let up.
Energy prices got a boost Friday as risk assets bounced back. The Dow closed above 50,000 for the first time, hitting a record, while crude prices ticked higher. Ongoing Iran negotiations and concerns over supply kept traders alert.
Oil majors tend to see their stocks move in tandem with crude prices, with traders using them almost as stand-ins for the commodity. Cash flow forecasts, buyback plans, and dividend coverage can all get repriced quickly—sometimes before anyone bothers running the actual numbers.
Still, geopolitics can turn on a dime. Iran’s foreign minister called Friday’s talks a “very good start.” If negotiators appear to be closing the distance, markets could see the risk premium fade—and oil-linked stocks might take a hit. Barron’s
Looking ahead, traders are watching for the U.S. Energy Information Administration’s Short-Term Energy Outlook, set for release Feb. 10, which should shed light on supply-demand forecasts and pricing cues.
The EIA’s Weekly Petroleum Status Report—out Feb. 11—delivers the first real look at U.S. balances, with updates on crude stocks, refinery throughput, and fuel demand.
