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Home/News Feed/Oil prices surge 50% amid Strait of Hormuz tensions; Exxon, Occidental, and Marathon stocks rise cautiously.
XOM
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-$2.79 -1.92%

Oil prices surge 50% amid Strait of Hormuz tensions; Exxon, Occidental, and Marathon stocks rise cautiously.

Market News
23 Mar 2026
24/7 Wall Street
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Bullish
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Oil prices have jumped over 50% in the past month due to ongoing tensions and uncertain reopening of the Strait of Hormuz. Despite this, major oil stocks like Exxon Mobil, Occidental Petroleum, and Marathon Petroleum have only risen modestly, as the market expects a quick resolution and price normalization. However, the Strait remains closed with sporadic attacks and no ceasefire from Iran, potentially prolonging high prices. Exxon benefits from diverse operations outside the Gulf, Occidental is a pure oil play with strong cash flow, and Marathon profits from refining margins and aggressive buybacks, positioning these stocks for further gains if tensions persist.

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