BATL, TPET, WTI, XOM, USO Stocks Climb Amid Escalating US-Iran Conflict: Oil Nears $80 A Barrel

• Brent crude futures expiring in September were up 4.2%, trading at $79.20 a barrel. 
• WTI crude futures expiring in August also rose by 4.23% to $74.43 per barrel.
• UN Secretary-General António Guterres said he was “deeply concerned by the serious escalation,” urging an end to all attacks, according to a statement from the UN on Sunday.

Shares of major energy companies and related exchange-traded funds (ETFs) soared in overnight trading heading into Monday, as oil prices neared $80 a barrel amid strikes between the U.S. and Iran over the weekend.

Battalion Oil Corp. (BATL) surged more than 13%, Trio Petroleum Corp. (TPET) was up nearly 6%, and W&T Offshore Inc. (WTI) gained more than 3% overnight. Oil majors Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) also climbed up more than 1% each.

Meanwhile, the United States Oil Fund (USO), which tracks the daily price movements of West Texas Intermediate (WTI), climbed more than 4% at the time of writing, while ProShares Ultra Bloomberg Crude Oil (UCO) rallied more than 6%. The Light, Sweet Crude Oil Futures (CL_F) were also 4% higher.

Oil Soars On Escalating Middle East Tensions

Oil prices climbed as tensions between the U.S. and Iran escalated over the weekend, after Iran’s state media agency said all transit through the Strait “is temporarily unavailable.”

Crude oil prices climbed significantly late Sunday. At the time of writing, Brent crude futures expiring in September were up 4.2% to $79.20 per barrel, while WTI crude futures expiring in August rose 4.23% to $74.43 per barrel.

Mohamed El-Erian, Chief Economic Advisor at Allianz, said over the weekend that the rising conflict would impact oil prices, potentially pushing prices over $80 a barrel.

“This weekend’s significant intensification of the skirmishes between the US and Iran will test the prevailing market consensus that such developments are unlikely to evolve into a full-scale military conflict. If that consensus holds, oil prices will open in Asia in a few hours higher but not dramatically so—with Brent crude in the high $70s or very low $80s,” he said in a post on X.

“However, if that consensus is undermined, look for oil to surge into the low-to-mid $80s initially. While I suspect the former scenario will ultimately prevail -- i.e., the market consensus holds -- the situation is becoming increasingly fluid,” he added.

US-Iran Teeter On Edge Of War Once Again

The U.S. Central Command said in a post on X on Sunday that it had launched strikes against Iran following disruptions in the Strait of Hormuz. “At 5 p.m. ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz. The Commander in Chief has directed the strikes to hold Iranian forces accountable,” it said.

Media reports indicate that the U.S. attacked oil pumps, petrochemical, and water infrastructure in Iran. Tehran has responded with a barrage of attacks on Bahrain, Kuwait, Qatar, Jordan and Oman.

The U.S. and Iran are currently operating under a 60-day peace agreement signed after months of military clashes, under which both sides agreed to halt attacks and negotiate a broader settlement. However, talks have become increasingly strained over the Strait of Hormuz and escalating tensions between the two nations.

Iran’s top negotiator, Mohammad Baqer Qalibaf, said in a post on X on Sunday, “The era of one-sided deals is OVER. We told you: keep your word or pay the price. Reality is knocking.”

UN Secretary-General António Guterres said he was “deeply concerned by the serious escalation,” urging an end to all attacks, according to a statement from the UN on Sunday.

The Secretary-General reiterated that a return to full-scale hostilities would have catastrophic consequences “for the peoples of the region” and beyond, as well as the global economy.

What Do Retail Traders Think?

On Stocktwits, retail sentiment around BATL, TPET, XOM, and CVX was in the ‘extremely bullish’ territory at the time of writing, while it was ‘bullish’ for WTI, USO, and UCO. Sentiment for CL_F was ‘neutral.’

One user said, “$USO Bombs are dropping = this is  going up.”

Another user said, “$BATL if iran stsrts hitting oil infrastructure in neighboring countries, oil will rocket.” In response, a user said, “Brent is about to hit 80.”

USO is up more than 57% so far in 2026, while UCO has surged nearly 80% in the same period. Meanwhile, BATL and WTI have gained more than 32% and 109%, respectively, while XOM and CVX have surged by over 13% each.

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