Exxon Mobil (XOM) Stock Hits All-Time High as Middle East Conflict Heats Up

TLDR

• Exxon Mobil (XOM) hit an all-time high of $159.15, with a market cap of $635.43 billion.
• XOM stock is up 41.69% over the past year.
• Middle East tensions — including a reported attack on Saudi Arabia’s Ras Tanura refinery and threats to the Strait of Hormuz — are driving crude prices higher.
• XOM rose 2% Monday; ConocoPhillips (COP) led gains at 3.3%.
• Analysts expect money to flow into large-cap energy names like XOM, CVX, COP, and EOG in the near term.

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Exxon Mobil (XOM) stock touched an all-time high of $159.15 on Monday, March 2, as escalating Middle East tensions sent crude prices surging and pulled energy stocks higher across the board.

Exxon Mobil Corporation, XOM

The stock was up around 2% in early trading. That follows a 41.69% climb over the past year, which has pushed XOM’s market capitalization to $635.43 billion.

Chevron (CVX) was up 1.1%, ConocoPhillips (COP) gained 3.3%, and Occidental Petroleum (OXY) rose 1.9%. All four saw larger moves in premarket trading before paring some gains at the open.

The catalyst was a rapid escalation in Middle East fighting over the weekend. Reports surfaced 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 said ships are “not allowed” to pass through the Strait of Hormuz — a chokepoint that carries roughly 20% of the world’s oil. Tehran has not formally closed the strait, but the threat alone was enough to move markets.

Why Large-Cap Energy Names Are in Focus

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

It’s worth noting that XOM’s run hasn’t been without speed bumps. 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 came in below prior-year levels but slightly beat consensus estimates, helped by production growth in Guyana and the U.S. Permian Basin. BMO Capital raised its price target to $155 following those results, maintaining a Market Perform rating. Freedom Capital Markets kept a Sell rating with a $123 target.

On the legal front, ExxonMobil’s 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 more than 60 years ago, with court proceedings ongoing.

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

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