In the closing of the recent trading day, ConocoPhillips (COP) stood at $112.84, denoting a +1.24% move from the preceding trading day.
US gasoline prices spent the spring of 2026 on a rollercoaster driven by Middle East supply disruptions.
Exxon Mobil (NYSE:XOM | XOM Price Prediction) and ConocoPhillips (NYSE:COP) both closed the books on Q1 2026 against a chaotic oil market: WTI spiked to $114.58 on April 7 after Middle East supply shocks, then collapsed to $71.87 by late June.
The latest trading day saw ConocoPhillips (COP) settling at $108.02, representing a -2.44% change from its previous close.
ConocoPhillips (COP) concluded the recent trading session at $110.72, signifying a +2.1% move from its prior day's close.
ConocoPhillips stock remains below pre-Iran war levels despite a very bullish Q2 earnings setup amid strong commodity price tailwinds. Consensus Q2 estimates call for +18.6% sequential revenue growth and +61% sequential EPS growth, yet COP's stock price is unresponsive. Management has maintained disciplined capex, with LNG growth projects in Qatar progressing and Port Arthur LNG adding value.
Energy stocks just gave investors a buying window. After WTI crude spiked to $114.58 per barrel on April 7, on the Strait of Hormuz disruption, prices have cooled to $78.94 per barrel as of June 22, dragging the three integrated majors down with them.
XOM can continue Permian production with WTI below $70, as prices remain above shut-in levels and output growth plans stay on track.
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In the latest trading session, ConocoPhillips (COP) closed at $106.92, marking a -2.77% move from the previous day.
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While the hopes for a permanent cease-fire and a cessation of hostilities are the ultimate end-game plan for Iran and the Middle East, the reality is that while spot prices have plummeted to the lowest level since March, there will be an incredible amount of work and resources to put the supply chain and the storage market back to pre-war levels.