Renewed attacks in Saudi Arabia and near the Strait of Hormuz have revived concerns about Middle East oil supplies, pushing U.S. crude futures higher on Monday. Shares of Exxon Mobil and Chevron also moved closer to technical-analysis buy points, ahead of both companies’ third-quarter results on October 30 as earnings season gathers pace this week.
WTI approaches a two-week high at $93.83
West Texas Intermediate crude futures rose 2.2% on Monday to $93.83 a barrel, near a two-week high. Prices remain below April’s peak of $114.58. The rebound reflects renewed attention to geopolitical risks and the possibility of supply disruption, though the available information does not indicate that supplies have actually been interrupted.
Over the weekend, Iran-backed Houthi forces in Yemen attacked Saudi Arabia’s King Khalid International Airport, killing more than 10 people and injuring over 300. The strike followed two airport attacks in the middle of last week. U.S. President Donald Trump said on Sunday that the United States could help Saudi Arabia launch airstrikes against the Houthis.
Separately, reports of another tanker attack in the Strait of Hormuz added to concern about regional energy transport and crude supply. The strait is a major route for energy shipments, making its security a key factor for oil markets. No details were provided on specific shipping losses from the reported attack.
Exxon Mobil and Chevron near technical buy points
Oil and gas stocks rose on Monday alongside crude, with several shares approaching levels identified by technical analysis as buy points. Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) are among the large energy companies in focus. The information available does not specify the relevant price levels or either stock’s daily gain, so it does not establish that either share has crossed a particular threshold.
Investors are also looking ahead to quarterly results. Exxon Mobil and Chevron are both scheduled to report on October 30, giving markets fresh data on the companies’ performance during the quarter. Crude prices and corporate earnings offer related but distinct signals: geopolitical developments shape supply expectations, while results show how the companies performed over the period.
Diesel prices move in the opposite direction
Global diesel prices fell on Monday, diverging from the rise in crude futures. Over the weekend, Trump said Russia and Ukraine had agreed to an “energy truce”; on Friday, he had announced a diesel deal with Russia. These statements and the deal provided separate context for the diesel market, but no details were given on their specific effect on prices, the deal’s volume or how it would be carried out.
Energy markets therefore moved in different directions on Monday: WTI gained as concerns about Middle East supply resurfaced, while diesel prices declined. For energy stocks, higher crude prices brought major oil companies back into focus, while developments around the airport and tanker attacks and the energy deal remain relevant to supply expectations.