Oil jumps on fresh Iran strikes near Hormuz — ride the energy rally with Exxon and Chevron
The U.S. just carried out fresh airstrikes on an Iranian military site near the Strait of Hormuz, a critical shipping chokepoint. Oil prices instantly jumped nearly 3% toward $97 a barrel, and traders are worried the conflict could disrupt global energy supplies.
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When military conflict flares up near the Strait of Hormuz — through which roughly 20% of the world's oil flows — energy stocks tend to rally hard and keep running as long as tensions stay elevated. Brent crude already surged 2.9% toward $97, and analysts fear further escalation could push prices even higher. Big oil producers like ExxonMobil and Chevron stand to benefit directly from higher selling prices, and their shares typically move in the same direction as crude for days to weeks after a geopolitical shock like this. With no diplomatic breakthrough in sight, this move may have legs.