Renewed tension in the Middle East sent oil stocks trending Tuesday, as U.S. military strikes on Iran following attacks on commercial shipping in the Strait of Hormuz rattled markets. Exxon Mobil Corp. (XOM), Battalion Oil Corp. (BATL), and Occidental Petroleum Corp. (OXY) were among the names surging in after-hours trading.
In the after-hours session, Exxon Mobil led the move with a 1.03% gain to $143.15, after closing the regular session at $141.69, up 3.85%. Battalion Oil added 0.49% to $1.79, following a massive 25.35% surge during the regular day. Occidental Petroleum rose 0.43% to $51.90, after a 5.88% regular-session jump.
During regular trading, Battalion—the smallest of the three by market cap at just $39.19 million—saw its volume spike to 27.49 million shares, nearly double its daily average of 15.67 million. Exxon and Occidental traded closer to their usual volumes: Exxon's 14.67 million shares versus a 17.42 million average, and Occidental's 11.66 million versus 10.04 million.
Exxon Insider Filing and Earnings Preview
Separately, Exxon VP and Chief Accounting Officer Susan Elaine Buchanan disclosed in a Securities and Exchange Commission filing Monday an initial beneficial ownership stake of 47,308 shares held directly, plus 1,000 shares held indirectly through a family trust and roughly 1,292 shares held through a company savings plan, effective July 1.
The disclosure came a day before Exxon signaled that second-quarter earnings could rise by roughly $5 billion from the prior quarter, citing the oil-price spike tied to the Iran conflict and improved refining margins. The company is expected to report full results on July 31.
Strait Tensions Escalate
On Tuesday, U.S. Central Command said it launched the strikes after Iran attacked three commercial vessels in the Strait of Hormuz, calling it a ceasefire breach. The Treasury Department simultaneously revoked authorization for Iranian oil sales.
At the time of writing, WTI crude rose 2.90% to $72.48 a barrel, and Brent gained 2.67% to $76.14.
Trading Metrics and Technical Analysis
The Relative Strength Index (RSI) of Exxon Mobil stands at 48.78, indicating neutral territory. XOM has gained 27.52% over the past 12 months and is currently trading around the midpoint of its 52-week range. Market data suggests XOM is experiencing long-term consolidation along with medium- and short-term upward movement.
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