Big Oil Stocks Up as Crude Tops $100 on Tensions at Iran’s Key Export Terminal

FomoAnxiety · 2026-03-16T10:03:38+00:00

U.S. oil company shares rose as oil prices surpassed $100 per barrel following U.S. strikes on Iran's Kharg Island. President Trump hinted at more action, addressing global oil navigation challenges amid disruptions in the Strait of Hormuz.

FomoAnxiety

2026-03-16 10:03:38

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Shares of leading U.S. oil companies rose during Monday’s pre-market trading as oil prices topped $100 per barrel following U.S. strikes over the weekend on Kharg Island, Iran’s key oil export hub.

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President Donald Trump has threatened further strikes on the island — where about 90% of Iran’s oil exports are handled — even as his administration enters discussions with seven countries to help guide oil vessels through the strategic Strait of Hormuz. Iran has brought passage through the waterway, which carries about 20% of the world’s oil supply, almost to a halt.

As of 5:41 a.m., global crude oil futures benchmark Brent (BZ) was up 0.65% to $104.70, while the U.S. key gauge, the West Texas Intermediate (CL), traded about 0.23% lower at $99.03 after previously hitting a little over $100 per barrel earlier in the day. Meanwhile, shares of key U.S. crude oil producers Exxon Mobil XOM +1.69% ▲ , Chevron CVX -0.08% ▼ , and ConocoPhillips COP +1.36% ▲ traded about 1% higher.

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