US energy stocks jump after Middle East conflict drives oil surge

Coterra Energy

02/03/2026 10:22

Updates

** Shares of U.S. energy companies up premarket, tracking crude prices rising due to fresh conflict in the Middle East O/R

** Brent crude futures LCOc1 rise as much as 13% to $82.37 a barrel, the highest since January 2025, before retreating to $78.79 a barrel

** U.S. West Texas Intermediate crude CLc1 climbs more than 12% to intraday high of $75.33 per barrel, its highest since June; last up 7.7% at $72.22

 ** Piper Sandler says some investors want to fade the rally, but it thinks supply risks from the escalation will keep upward pressure on oil and energy stocks and reduce the chance of 2026 price weakness

** Energy majors Exxon Mobil XOM.N and Chevron CVX.N up 4.5% and 3.7%, respectively

** SM Energy SM.N, Occidental Petroleum OXY.N, Coterra Energy CTRA.N, Conocophillips COP.N and Devon Energy DVN.N rise between 5.7% and 7.2%

** Oilfield service providers Halliburton HAL.N, Baker Hughes BKR.O up 4.8% and 5.5% respectively, SLB SLB.N gains 2.9%

 ** Refiners Marathon Petroleum MPC.N, Phillips 66 PSX.N and Valero Energy VLO.N gains between 2.5% and 2.7%

(Reporting by Rashika Singh and Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com))