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Stock Markets May 11, 2026 08:54 AM

U.S. energy shares rise in premarket as oil jumps on tensions with Iran

Crude benchmarks climb after president calls Iran's response 'unacceptable', tightening supply concerns around the Strait of Hormuz

By Jordan Park CVX XOM APA SM DVN

U.S. energy stocks moved higher in Monday premarket trading as Brent and West Texas Intermediate futures rallied following comments from President Donald Trump about Iran's response to a U.S. peace proposal. The Strait of Hormuz remained largely closed, contributing to worries about tighter global supply and prompting gains across majors, producers, oilfield services and refiners.

U.S. energy shares rise in premarket as oil jumps on tensions with Iran
CVX XOM APA SM DVN

Key Points

  • Brent crude futures rose 3% to $104.3 per barrel and U.S. WTI futures rose 3.2% to $98.40 per barrel.
  • Integrated majors Chevron (CVX) and Exxon Mobil (XOM) gained about 1%, while producers APA, SM, Devon and Occidental advanced between 1.5% and 2.6%.
  • Oilfield services and refiners also climbed, with Liberty Energy and Halliburton up 1% and 1.8% respectively, and Phillips 66 and Marathon Petroleum rising 1% and 1.4%.

U.S. energy stocks advanced in premarket trading on Monday after a pronounced rise in crude oil futures. Brent crude futures increased 3% to $104.3 per barrel while U.S. West Texas Intermediate futures gained 3.2% to $98.40 per barrel.

Oil prices were driven higher after President Donald Trump characterized Iran's response to a U.S. peace proposal as "unacceptable." That remark heightened concerns about potential supply interruptions, with the Strait of Hormuz reported as largely closed and global markets remaining tight.

The move in crude translated into across-the-board gains among energy names in early trading. Integrated oil majors showed modest increases, with Chevron (NYSE:CVX) up 1% and Exxon Mobil (NYSE:XOM) rising about 1% in premarket activity.

Exploration and production companies posted larger percentage advances. APA Corp (NASDAQ:APA), SM Energy (NYSE:SM), Devon Energy (NYSE:DVN) and Occidental Petroleum (NYSE:OXY) each rose in a range between 1.5% and 2.6%.

Service providers to the oil industry also participated in the rally. Liberty Energy (NYSE:LBRT) increased 1% while Halliburton (NYSE:HAL) advanced 1.8% in early trading.

Refiners showed positive moves as well, with Phillips 66 (NYSE:PSX) climbing 1% and Marathon Petroleum (NYSE:MPC) up 1.4% in the premarket session.

The sequence of price action began with the jump in crude futures and was reinforced by geopolitical commentary that suggested elevated supply risk. With the Strait of Hormuz largely closed, market participants interpreted the developments as a factor tightening available oil flows and supporting higher benchmarks.

These early-session gains span multiple segments of the energy complex - integrated majors, upstream producers, oilfield services and downstream refiners - reflecting the broad sensitivity of energy equities to rapid moves in oil prices driven by geopolitical developments.

Market context note: The price moves and stock responses described above reflect premarket trading on Monday and the immediate reaction to the reported geopolitical developments and presidential comment.

Risks

  • Supply disruption risk linked to the reported closure of the Strait of Hormuz could exert upward pressure on crude prices and affect multiple energy subsectors - impacting producers, refiners and service companies.
  • Geopolitical escalation following the characterization of Iran's response as "unacceptable" introduces uncertainty to energy markets and could produce further volatility in oil prices and related equities.
  • Market tightness implied by higher crude benchmarks may lead to rapid repricing across integrated majors, upstream producers, oilfield services and downstream refiners, creating sector-wide sensitivity to subsequent developments.

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