Exxon Mobil (XOM) Shares Reach All-Time High Amid Escalating Middle East Tensions

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TLDR

  • Exxon Mobil (XOM) reached an all-time high of $159.15, with a market capitalization of $635.43 billion.
  • Over the past year, XOM stock has risen by 41.69%.
  • Middle East tensions—including a reported attack on Saudi Arabia’s Ras Tanura refinery and threats to the Strait of Hormuz—are pushing crude prices upward.
  • XOM climbed 2% on Monday; ConocoPhillips (COP) led gains at 3.3%.
  • Analysts anticipate capital will flow into large-cap energy stocks like XOM, CVX, COP, and EOG in the near term.

On Monday, March 2, Exxon Mobil (XOM) stock hit an all-time high of $159.15 as escalating Middle East tensions sent crude prices spiking and lifted energy stocks across the board.

XOM Stock Card

The stock was up roughly 2% in early trading. This follows a 41.69% increase over the past year, which has boosted XOM’s market cap to $635.43 billion.

Chevron (CVX) rose 1.1%, ConocoPhillips (COP) gained 3.3%, and climbed 1.9%. All four stocks saw larger premarket moves before paring some gains at the open.

The catalyst was a rapid escalation of Middle East conflict over the weekend. Reports emerged of an attack on Saudi Arabia’s Ras Tanura refinery—one of the world’s largest oil export facilities. Three U.S. troops were also killed in Kuwait, and Israel continued exchanging fire with Hezbollah in Lebanon.

Iran reportedly stated that ships are “not allowed” to pass through the Strait of Hormuz—a chokepoint carrying about 20% of the world’s oil. Tehran has not formally closed the strait, but the threat alone was enough to shift markets.

Why Large-Cap Energy Names Are in Focus

Mizuho analyst Nitin Kumar said he expects investors to “favor large, bellwether stocks” like Exxon, , ConocoPhillips, EOG Resources (EOG), and Occidental Petroleum as the situation unfolds. Smaller or more financially leveraged names may offer greater upside, but near-term flows are expected to lean toward the majors.

Alpine Macro strategist Dan Alamariu put it plainly: “Out-of-region energy stocks should gain disproportionately; they track oil and gas prices and would be the only available source of supply if the Persian Gulf is shut off.”

It’s worth noting that XOM’s rally hasn’t been without hurdles. InvestingPro data suggests the stock may be overvalued relative to its Fair Value, even as it trades near its 52-week high.

Recent XOM Developments

Q4 financial results were below prior-year levels but slightly beat consensus estimates, supported by production growth in Guyana and the U.S. Permian Basin. BMO Capital raised its price target to $155 after these results, maintaining a Market Perform rating. Freedom Capital Markets kept a Sell rating with a $123 target.

On the legal front, Australian unit was fined $11.3 million by the Federal Court of Australia for making false claims about its fuel products in Queensland between August 2020 and July 2024.

ExxonMobil is also pursuing compensation for oil and gas assets seized in Cuba over 60 years ago, with court proceedings ongoing.

XOM hit its intraday all-time high of $159.15 on March 2, 2026.