Devon Energy jumps 2.5%, following US strikes on Iran and oil surge

Devon Energy shares rose 2.5% in premarket trading on July 8, 2026. Global oil prices surged over 5% following US military strikes on Iran. President Trump declared the memorandum of understanding with Iran officially over.

Geopolitical uncertainty in the Middle East fueled concerns over global oil supply and trade routes. Devon Energy benefits from high crude prices due to its U.S. shale exposure. The price spike is expected to improve company revenue, margins, and free cash flow.

Chevron, Exxon Mobil, and ConocoPhillips also traded higher in the premarket. Energy stocks remain highly sensitive to geopolitical events in oil-producing regions.