Oil Climbs Near $98 Amid Saudi Attacks, Hormuz Closure

WTI settles near $98 as ceasefire tensions persist; majors advance Gulf projects

Energy Market Overview

West Texas Intermediate's May contract swung in a more than $7 range before settling higher near $98 a barrel, while Brent for June edged up to end just below $96. Both benchmarks lifted by roughly $2 in post-settlement trading as Saudi supplies were hit by attacks. Despite the oil price strength, energy stocks declined late Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.5% to 0.6%.

Oil & Gas Majors

$CVX announced an oil discovery at the Gulf of Mexico's Bandit prospect, where Occidental operates with a 45.375% interest, while Chevron and Woodside hold 37.125% and 17.5% respectively. Analysts view Chevron as a strong buy amid Middle East tensions, backed by higher oil prices, solid cash flow, and a 3.53% dividend. $COP is positioned to benefit from elevated oil prices approaching $100, with low-cost assets and the Marathon Oil integration expected to boost margins and cash flows.

Oilfield Services & Energy Transition

$SLB completed its acquisition of Norway-based HydraWell Intervention AS, adding proprietary well plug and abandonment technology to expand its role in well decommissioning and end-of-life solutions. The stock closed at $52.54, up 1.27% from the previous session, showing returns of 6.3% over the past week and 30.7% year to date. $FSLR presents a strong value investment case with a high valuation score, robust profitability, solid financial health, and consistent growth potential.

Utilities & Infrastructure

$SO has delivered returns of 11.9% year to date and 82.3% over five years, with the stock trading around $97.59 as it nears eligibility for the Dividend Aristocrats index. $DUK has paid a dividend for 100 straight years and maintained remarkable stability, with shares retreating no more than 13% from previous highs over the past three years. Utilities are benefiting from expanding customer bases, data center demand, and multi-billion dollar investment plans to fuel steady earnings growth.

Geopolitical Outlook

A tenuous ceasefire between the US and Iran has failed to allay fears of further disruptions to Middle Eastern flows, with shipping through the Strait of Hormuz remaining largely blocked. Oil prices rallied into market close as Saudi supplies were hit by attacks despite the two-week ceasefire holding. $DVN has called a special shareholder meeting for May 4, 2026 to vote on doubling authorized shares, which could affect how future transactions or capital raises are structured alongside ongoing merger plans.

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