Exxon and Chevron Shares Rise Following Surge in Oil Prices

Stock futures declined on Monday, while oil prices surged following a surprise attack by Hamas on Israel over the weekend. Despite this, shares of Exxon Mobil and Chevron experienced gains of 2.3% and 2% respectively, while U.S.-listed shares of Shell rose by 1%. The increase in oil prices played a significant role in driving these positive movements. West Texas Intermediate crude, the U.S. benchmark, saw a rise of 2.6% to $84.97 a barrel, with traders closely monitoring the impact of the conflict on oil production in the Middle East.

In other news, Mirati Therapeutics witnessed a decline of 1.7% to $59.20 after reaching an agreement to be acquired by Bristol Myers Squibb for $58 a share in cash. Shareholders of Mirati will also receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. The deal, valued at a total of $5.8 billion, caused Bristol Myers’ shares to fall by 0.4%.

Walt Disney, on the other hand, experienced a premarket trading decline of 0.7% to $82.37. The Wall Street Journal reported that Nelson Peltz’s Trian Fund Management was pushing for multiple seats on the board of the entertainment giant, with Peltz himself seeking a seat. Trian is one of Disney’s largest investors, holding a stake worth over $2.5 billion. Disney shares have seen a 4.5% decline this year.

In positive news, Lockheed Martin saw a rise of 5.3% after the defense and aerospace company’s board approved the expansion of its stock repurchase program by $6 billion. Additionally, the company raised its quarterly dividend to $3.15 a share from $3.

Looking ahead, Applied Digital is scheduled to report quarterly earnings on Monday, while reports are expected later in the week from JPMorgan Chase, Citigroup, Wells Fargo, UnitedHealth, PepsiCo, Delta Air Lines, Fastenal, Walgreens Boots Alliance, and Domino’s Pizza.

Overall, the surge in oil prices has had a positive impact on the shares of Exxon Mobil and Chevron, while other companies are experiencing various developments that are influencing their stock performance. Investors will be closely monitoring these events to make informed decisions in the market.