Oil Stocks Surge on U.S. Intervention in Venezuela
Chevron (CVX), Exxon Mobil (XOM), and SLB led gains among oil stocks following the U.S. government's intervention in Venezuela. The geopolitical shift could unlock Venezuela's vast oil reserves for American energy companies, with Exxon and Chevron already seeing notable price movements.
President Trump's pledge to revitalize Venezuela's energy sector sent shockwaves through markets. "We're going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken infrastructure," TRUMP stated, signaling potential windfalls for domestic energy firms.
SLB emerged as the strongest performer, rallying 15% in the past week. Refiners Valero Energy and Marathon Petroleum also benefited, jumping 8% and 5% respectively as markets priced in increased access to Venezuelan crude.
