Why ExxonMobil, Transocean, SLB, and Other Oil Stocks Surged This Week

By Joe Tenebruso – Mar 29, 2026 at 9:18PM ESTKey PointsConflict in the Middle East is driving up oil and gas prices.Energy stocks can be safe havens during supply shocks.Many oil- and gas-related stocks rose this past week as traders rotated into companies that stand to profit from higher energy prices. Here's how some of the top energy stocks performed: ExxonMobil (XOM +3.47%), up 7% Transocean (RIG +0.58%), up 11% SLB (SLB +2.27%), up 15% Image source: Getty Images. Escalating tensions in the Middle East Following strikes by the U.S. and Israeli militaries, Iran has moved to close the Strait of Hormuz to commercial shipping. With roughly 20% of global oil and liquefied natural gas (LNG) shipments unable to traverse this key waterway, fears of supply shortages are mounting. ExpandNYSE: XOMExxonMobilToday's Change(3.47%) $5.74Current Price$171.17Key Data PointsMarket Cap$712BDay's Range$164.70 - $171.2052wk Range$97.80 - $171.23Volume1.7MAvg Vol22MGross Margin21.56%Dividend Yield2.36% Oil and gas prices are up sharply since the strikes began in late February. They could continue to head higher if conflict intensifies.

The Trump Administration has said that it's attempting to negotiate an end to the hostilities. Yet the U.S. is also reportedly considering launching ground operations in Iran. That would mark a significant escalation and likely prolongment of the conflict. These businesses benefit from higher oil and gas prices ExxonMobil is one of the biggest and best-run energy companies in the world today, with operations spanning exploration, production, and refining of oil and natural gas. Transocean is a leader in offshore drilling for oil and gas wells. It specializes in complex, ultra-deepwater operations. SLB, formerly known as Schlumberger, provides a wide range of services to the oil and gas industry, with operations in more than 100 countries.Read NextMar 29, 2026 •By Justin PopeThe Best Oil Stock to Buy as Iran Tensions Rewrite the Global Energy MapMar 28, 2026 •By Matt DiLalloThe 1 Number That Tells You Everything About ExxonMobil Right NowMar 26, 2026 •By Matt DiLalloIran Has Rejected the U.S.'s Ceasefire Proposal. Here's What That Could Mean for Oil Stocks in the Coming Weeks.Mar 25, 2026 •By Reuben Gregg Brewer2 Predictions For Oil Stocks in AprilMar 24, 2026 •By Lee SamahaWhy Shares of ExxonMobil Gushed Higher TodayMar 24, 2026 •By Matt DiLallo2 Oil Stocks That Can Weather the Current VolatilityAbout the AuthorJoe Tenebruso is a contributing Motley Fool stock market analyst with more than 3,000 financial bylines to his name. Joe was an investment analyst for Stock Advisor, Income Investor, Crypto Society, and other top-rated investing services. He also managed Tier 1 Investments, a market-crushing real-money portfolio with 24.58% annualized returns. Joe graduated summa cum laude from Rutgers University with a Bachelor of Science in Finance.tmfguardianX@Tier1InvestorStocks MentionedExxonMobilNYSE: XOM$171.17(+3.47%)+$5.74SlbNYSE: SLB$53.50(+2.27%)+$1.19TransoceanNYSE: RIG$6.94(+0.65%)+$0.05*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.