News
The day at a glance · 4 min read
Mood · Risk-On
+65
Sentiment, −100 to +100
WTI Crude (Recent)
$114
WTI Crude (Previous)
$102
WTI Crude (January)
$56
Key driverIran conflict and Strait of Hormuz closure driving oil prices higher while energy majors benefit from elevated crude valuations
Daily briefEnergy· Money365.Market AI ·

Oil Majors Rally on Iran Supply Risks, Duke Seeks Rate Hike

Crude surged above $114 amid Strait of Hormuz tensions while utilities face winter cost recovery challenges

Energy Market Overview

Bullish
PSX
Crude oil markets remained elevated as geopolitical tensions continued to dominate price action. WTI crude climbed from approximately $56 in early January to over $100 by April 1, then rose from around $102 to $114 in early April following Iran's actions in the Strait of Hormuz. Iran began imposing tolls and laying mines in the strait in March 2026, with the U.S. imposing a naval blockade after peace talks broke down in Islamabad. The Phillips 66 CEO warned that oil supply won't snap back quickly after the Iran conflict, suggesting a slow, gradual recovery.

Oil & Gas Majors

Bullish

Chevron RBC Target

$220

Chevron Previous Target

$200
CVXXOM
Chevron ($CVX) received a price target increase from RBC Capital to $220 from $200, with the firm maintaining an Outperform rating and citing a revised commodity price outlook.
ExxonMobil ($XOM) stands to gain as high crude prices boost cash flows, with integrated energy companies leveraging diversified operations and strong balance sheets according to analyst commentary. Energy majors including $CVX and Shell are evaluating new opportunities in Venezuela, with the country becoming more investable despite initial hesitation from some executives. The sector is receiving increased attention from Wall Street as the Iran conflict keeps oil markets on edge, with energy stocks positioned to benefit regardless of conflict outcomes.

Oilfield Services & Shale

Bullish

SLB Share Price

$52.42+1.81%

SLB 1-Month Return

16.6%

SLB YTD Return

30.4%

SLB 1-Year Return

58.2%

SLB 5-Year Return

127.1%
SLBXOM
SLB ($SLB) closed at $52.42, gaining 1.81% in its recent trading session. The oilfield services provider secured new AI-driven production optimization projects in Bahrain along with fresh subsea agreements tied to Suriname and the Gulf of America.
$SLB has demonstrated strong momentum with a 16.6% one-month share price return, 30.4% year-to-date gain, alongside a one-year total shareholder return of 58.2% and five-year total shareholder return of 127.1%. Wood Mackenzie research highlighted that the Middle East conflict has elevated strategic energy security priorities, with six countries advancing unconventional resource exploration as nations seek supply diversification through international shale development.

Utilities & Power Infrastructure

Neutral

Duke NC Cost Recovery Request

$800 million
DUK
Duke Energy ($DUK) filed requests with the North Carolina Utilities Commission to recover more than $800 million from customers for higher fuel and purchased power costs incurred during one of the most extreme winter periods in the past decade. The utility cited record customer energy demand resulting from cold weather and its commitment to maintain power reliability when needed most.
$DUK is seeking to raise prices to recoup emergency power costs after extreme winter weather drove exceptional power purchases that strained its system. The rate case highlights the financial pressures facing utilities as extreme weather events drive higher operational costs and infrastructure investment needs.

Renewables & Clean Energy

Bullish

NextEra Jefferies Target

$92

NextEra Previous Target

$87
NEE
NextEra Energy ($NEE) received a price target increase from Jefferies analyst Julien Dumoulin-Smith, who raised the target to $92 from $87 while maintaining a Hold rating. The analyst cited confidence in $NEE's long-term earnings growth trajectory as data center deals come into view. The renewable energy giant is positioned to benefit from growing power demand driven by data center expansion, though the utility sector faces broader challenges from extreme weather impacts and infrastructure cost recovery.

OPEC & Geopolitics

Bearish

Brent Crude (Ceasefire Period)

$100
COP
The Iran conflict continues to dominate geopolitical supply risk discussions, with the closure of the Strait of Hormuz shutting down tanker traffic and disrupting global oil flows. U.S. and Israeli strikes on Iranian energy infrastructure sent crude prices rising through March, though a brief ceasefire temporarily knocked Brent below $100 before Pakistan-brokered talks broke down after 21 hours of negotiations. Europe has intensified efforts to diversify away from Russian energy over the past three years, with the Strait of Hormuz disruption making that urgency impossible to ignore as European buyers seek American natural gas supplies. The geopolitical uncertainty is driving strategic energy security priorities globally, with countries pursuing supply diversification through international shale exploration and alternative source development.

Looking Ahead

Neutral
DUK
Market participants are closely monitoring supply recovery timelines from the Iran conflict, with industry executives warning of slow, gradual normalization rather than a quick snapback in production. Energy security concerns are expected to drive continued investment in international shale development and supply diversification initiatives across multiple countries. The utility sector faces ongoing scrutiny over rate recovery mechanisms as extreme weather events create significant cost pressures, with Duke Energy's ($DUK) North Carolina filing potentially setting precedents for how regulators handle weather-related cost recoveries. Oil majors continue to evaluate emerging opportunities in previously restricted markets like Venezuela as the geopolitical landscape evolves.

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