ExxonMobil and Chevron Shares Down Pre-Market After Iran War Comments From Trump

TLDR

• Oil stocks fell sharply Tuesday as Trump said the Iran conflict would end “very soon”
• Brent crude dropped over 9% to $89.94; WTI fell 8.5% to $86.72 a barrel
• Occidental Petroleum was the S&P 500’s worst premarket performer, down 3.2%
• The G-7 said it stands ready to release emergency oil reserves, which could push prices lower
• CrowdStrike rose after Morgan Stanley upgraded the cybersecurity firm, citing AI strength

Oil stocks took a hit Tuesday morning after President Donald Trump said the Iran war would be over “very soon,” triggering a sharp sell-off in crude prices and energy shares.

Brent crude futures fell more than 9% to $89.94 a barrel. West Texas Intermediate dropped 8.5% to $86.72. Both benchmarks had been trading at their highest levels since 2022 before Trump’s comments.

Occidental Petroleum led the losses among S&P 500 energy stocks in premarket trading, falling 3.2%. ConocoPhillips dropped 1.7%.

Chevron and ExxonMobil each fell more than 1%. Their shares had already been under pressure because the Middle East conflict disrupted their operations directly.

Chevron Corporation, CVX

Chevron had temporarily halted operations at a gas field off Israel’s coast. ExxonMobil’s liquefied natural gas partner, QatarEnergy, was unable to reach customers because its ships couldn’t pass through the Persian Gulf.

G-7 Considers Emergency Oil Reserve Release

Adding to the downward pressure, the Group of Seven nations said Monday they are prepared to release emergency oil stockpiles if needed. The G-7 holds around 1.2 billion barrels in reserve.

U.S. stock futures were also lower by Tuesday morning. Dow futures dropped 71 points, S&P 500 futures fell 12 points, and Nasdaq 100 futures were down 24 points.

CrowdStrike Rises on Morgan Stanley Upgrade

Not all stocks moved lower. CrowdStrike shares climbed after analysts at Morgan Stanley upgraded the cybersecurity company. They pointed to strong positioning in artificial intelligence and a positive growth outlook.

Hewlett Packard Enterprise rose despite quarterly revenue that came in below expectations. Analysts noted strong demand for its AI hardware.

Oracle shares moved marginally ahead of quarterly results due after the closing bell. Investors were watching closely.

BioNTech American Depositary Receipts dropped after the vaccine maker issued a weak revenue forecast for fiscal 2026.

Vail Resorts cut its full-year guidance after one of the worst snowfall seasons in the western United States in decades reduced available skiing terrain through February.

Bunge Global ticked higher after the agribusiness company announced a $3 billion share buyback program.

Carnival Corporation edged lower after analysts at Bernstein warned its no-fuel-hedging policy may leave it exposed to fuel cost spikes tied to the Iran conflict.

Kohl’s fell following weak quarterly sales, continuing a stretch of poor performance for the retailer.

Casey’s General Stores edged down after third-quarter revenue missed analyst expectations.

Vertex Pharmaceuticals rose after interim data from a late-stage trial of its experimental drug for a rare autoimmune kidney disease showed promise.

As of Tuesday morning, crude prices remained volatile, with traders watching for any further statements from the White House or G-7 on next steps.

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