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

MrDecoder · 2026-03-30T01:43:50+00:00

Oil and gas stocks surged due to anticipation of higher energy prices amid escalating conflicts in the Middle East. Companies like ExxonMobil, Transocean, and SLB saw significant gains, benefiting from fears of supply shortages as geopolitical tensions rise.

MrDecoder

2026-03-30 01:43:50

Abstract generation in progress

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.

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NYSE: XOM

ExxonMobil

Today’s Change

(3.47%) $5.74

Current Price

$171.17

Key Data Points

Market Cap

$712B

Day’s Range

$164.70 - $171.20

52wk Range

$97.80 - $171.23

Volume

1.7M

Avg Vol

22M

Gross Margin

21.56%

Dividend Yield

2.36%

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.

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