"WTI crude oil futures are trading near $120 per barrel tonight, and the energy market is staring down a historic moment. Just three weeks ago, oil was sitting at $66 per barrel on February 20. Tonight, futures markets exploded by 30%, a historic move. The all-time record for a barrel of oil is $147.27; that record was set all the way back in July 2008."
"The US is now engaged militarily with Iran, and Tehran is threatening to close the Strait of Hormuz. Countries at risk include Saudi Arabia at 10.8 million barrels per day, the UAE and Iraq each at 4.5 million, Kuwait at 2.8 million, Qatar at 1.8 million, and Iran itself at 4.6 million barrels per day. A closure would remove an enormous share of global supply overnight."
"If you own energy stocks, they're likely going to rally tomorrow. Exxon Mobil (NYSE: XOM) is already up 23% year-to-date. Chevron (NYSE: CVX) is up 22%. More niche ideas like the Breakwave Tanker Shipping ETF (NYSE: BTWT) are up astounding amounts like 207% so far in 2026."
WTI crude oil futures reached $120 per barrel, representing a historic 30% surge from $66 three weeks prior and approaching the all-time record of $147.27 set in July 2008. This spike stems from US military engagement with Iran and threats to close the Strait of Hormuz, a critical chokepoint for global oil supply. The strait handles oil from Saudi Arabia, UAE, Iraq, Kuwait, Qatar, and Iran—collectively representing significant global production. Energy stocks have rallied substantially, with Exxon Mobil up 23% year-to-date and Chevron up 22%. Broader market indices face downward pressure, with Dow Jones futures declining 2.2%. Despite US oil production dominance at 22.8 million barrels daily, global markets remain vulnerable to Hormuz disruption.
Read at 24/7 Wall St.
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