CVX is trading at $194.94 (+4.38%) in pre-market as oil prices spike following Iran's closure of the Strait of Hormuz.
- Crude prices surged 9-10% to $73-$82/bbl after US-Israel strikes led to the blockage of a critical waterway responsible for 20% of global supply.
- Chevron is significantly outperforming the broader market, with S&P 500 futures down 1.36% amid escalating geopolitical tensions.
- Recent reports regarding progress in Iraq oilfield negotiations are providing an additional tailwind for the stock.