Why Shares of ExxonMobil Gushed Higher Today

By Lee Samaha – Mar 24, 2026 at 5:15PM ESTKey PointsThe Strait of Hormuz remains closed to almost all commercial traffic, and that reality hangs over the oil markets. ExxonMobil is well-positioned to benefit from higher oil prices, even in its downstream operations. Another day and another swing in the price of oil. Following yesterday's slump, oil prices recovered today and are currently trading above $91 a barrel. That move was enough to send ExxonMobil (XOM +2.64%) higher by 3.9% at midday today. Why oil stocks are volatile The decline in the price of oil yesterday came as the Trump administration claimed positive discussions with Iran, and walked back on a threat of an imminent attack on Iran's power plants. Such an attack would have marked an escalation in the conflict. Moreover, Iran's military had threatened to indefinitely close the Strait of Hormuz, through which 20% of the world's energy flows, and attack regional energy infrastructure. Image source: Getty Images. Walking back the threat helped calm fears yesterday, but the reality investors woke up to today was that the Strait remains almost entirely closed to commercial traffic, the conflict is still ongoing, and escalatory threats continue to be issued with Iran denying any talks have taken place. That kind of reckoning sent the price of oil higher today. ExpandNYSE: XOMExxonMobilToday's Change(2.64%) $4.25Current Price$165.38Key Data PointsMarket Cap$671BDay's Range$161.25 - $167.4852wk Range$97.80 - $167.48Volume26MAvg Vol21MGross Margin21.56%Dividend Yield2.51% Where next for ExxonMobil All of which means it makes sense to buy shares in oil and other energy stocks to protect against downside risk. As an integrated major with substantial downstream operations, ExxonMobil is often seen as having relatively less exposure to high oil prices, but in the event of a prolonged absence of crude oil from the Persian Gulf, its downstream operations will benefit from the company's ability to supply crude. Read NextMar 24, 2026 •By Matt DiLallo2 Oil Stocks That Can Weather the Current VolatilityMar 23, 2026 •By David Jagielski, CPAExxonMobil Stock Hits an All-Time High.

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