Oil Prices Have Spiked More Than 25% Since the Iran Conflict Began, Yet Oil Stocks Have Barely Budged. What's Going on in the Oil Market?

2026-03-09 03:32:00 ET

Crude oil prices have gone hyperbolic since the U.S. and Israel launched attacks against Iran earlier this month. Brent, the main global oil benchmark, is up over 25% to more than $93 a barrel since the war began. Meanwhile, WTI, the primary U.S. oil benchmark, has surged 35% to more than $91 per barrel.

Typically, surging crude prices would fuel a similar rally in oil stocks . However, that hasn't been the case. Shares of oil giants ConocoPhillips (NYSE: COP) and Chevron (NYSE: CVX) are only up modestly, while ExxonMobil 's (NYSE: XOM) stock has slipped a little.

Here's a look at what's going on in the oil market.

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