Overview
- WTI has climbed from under $60 to about $95 this year, while Brent has moved from roughly $60 to above $100.
- Shares of ExxonMobil, Chevron and ConocoPhillips have risen about 30% year to date.
- The rally has been attributed to the war with Iran and attacks on crude tankers in the Strait of Hormuz that disrupted Persian Gulf flows.
- Oil futures point to easing pressures, with May Brent over $100 but later 2026 contracts trading in the low $80s.
- After shifting toward higher‑margin assets, major producers emphasize stronger cash‑flow resilience, with Chevron projecting about $12.5 billion in additional annual free cash flow at $70 Brent and targeting more than 10% yearly growth through 2030 at that price.