Oil Stocks Surge as Israel-Iran Tensions Roil Crude Markets

Israeli airstrikes on Iran and escalating military threats are stoking oil supply concerns

Jake Scott

Deputy Editor

Jun 13, 2025 at 10:36 AM

Oil and energy stocks Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and EOG Resources Inc (NYSE:EOG) are higher today, as rising geopolitical tensions in the Middle East lift crude prices. At last check, U.S. crude was up 8.5% at $73.81 per barrel. The move comes after Israel launched airstrikes against Iran -- reportedly without U.S. support -- raising concerns over potential supply disruptions from the Persian Gulf.

Chevron stock was last seen 1.7% higher to trade at $146.91, eyeing a move above its breakeven year-to-date level. ConocoPhillips and EOG Resources stocks are both up 4.5%, trading at $98.94 and $126.05, respectively -- enough to push each name out of the red for 2025.

The options pits are heating up alongside the rally. CVX has seen 9,640 calls change hands so far -- triple its typical intraday pace -- with the weekly 6/13 147-strike call attracting the most attention. COP's call volume is running at twice the average, with 2,606 calls traded and the weekly 6/20 100-strike call emerging as the most popular. EOG is also seeing call volume at twice the norm, with 475 contracts exchanged so far. Traders are targeting the weekly 7/11 130-strike call, where new positions are being opened.

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