Why Are BATL, TPET, XOM, CVX, USO, UCO Stocks Rising Overnight?

• Tensions between the U.S. and Iran escalated over the weekend after the American military launched a ninth consecutive night of attacks on the Middle Eastern country late Sunday. 
• Garfield Reynolds, MLIV Asia team leader at Bloomberg, reportedly said the widening spread between Brent crude and WTI reflects growing concerns that an escalation in the U.S.-Iran conflict could disrupt global energy supplies.
• Analyst Patrick De Haan said on X that the rising oil prices would likely send gas prices higher in the U.S. in the coming week.

Shares of multiple oil companies and oil exchange-traded funds climbed overnight late Sunday after Brent crude prices rose above $90 a barrel amid escalating tensions between the U.S. and Iran. 

Mohamed El-Erian, Chief Economic Advisor at Allianz, noted on X late Sunday, “Responding to this weekend's US-Iran escalation, Brent crude is currently above $90 a barrel in Asian trading.”

WTI crude futures expiring in August also rose more than 2% to $84.33 per barrel.

As a result, oil companies Battalion Oil Corp. (BATL) and Trio Petroleum Corp. (TPET) rose more than 7% and by over 8% in the overnight session. Oil majors Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) also rose about 1% each. 

Meanwhile, the United States Oil Fund (USO), which tracks the daily price movements of West Texas Intermediate (WTI), climbed more than 2% at the time of writing, while ProShares Ultra Bloomberg Crude Oil (UCO) rallied more than 3%. The Light, Sweet Crude Oil Futures (CL_F) were also 2% higher.

Tensions In The Middle East Climb

Oil prices soared back up as tensions between the U.S. and Iran escalated over the weekend after the American military launched a ninth consecutive night of attacks on the Middle Eastern country. 

“CENTCOM began conducting a new wave of strikes against Iran at 7 p.m. ET today for the ninth consecutive night. The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” the U.S. Central Command said in a post on X. 

Over the weekend, CENTCOM confirmed that a third U.S. service member had died following recent fighting in the Middle East. The military had initially reported two fatalities and one service member missing after an Iranian attack in Jordan on July 17 before later confirming the third death.

Meanwhile, Iran Deputy Foreign Minister Kazem Gharibabadi condemned the U.S. strike on the under-construction Darquoin power plant, calling it a dangerous attack on Iran's civilian infrastructure. In a post on X, he said the strike made Washington fully responsible for the resulting instability and warned that Iran would take appropriate measures to safeguard its national security and interests.

What’s Wall Street’s Take On Oil?

"The longer the Strait remains closed and the war escalates the greater ​the risk that oil prices will have to rise to around $150/barrel to bring demand down to match the hit to supply," Shane Oliver, Head of Investment Strategy and Chief Economist, at AMP reportedly told Reuters, adding that "This is not our base case but it's a high risk again."

Meanwhile, Garfield Reynolds, MLIV Asia team leader at Bloomberg, reportedly said the widening spread between Brent crude and WTI reflects growing concerns that an escalation in the U.S.-Iran conflict could disrupt global energy supplies, though the gap remains narrow enough that equity markets have largely shrugged off the risk compared with the early stages of the war.

Analyst Patrick De Haan said on X that rising oil prices would likely send gas prices higher in the U.S. in the coming week. “Brent crude oil up ~3% reaching $90/bbl, while WTI crude up ~2% to nearly $85/bbl. RBOB up 5c/gal, national average gas price will hit $4/gal either tomorrow or Tuesday, likely to see increases ahead for most states!” he said. 

BATL, TPET, USO, UCO Stocks: Retail Sentiment

On Stocktwits, retail sentiment around BATL stock slipped from ‘extremely bullish’ to ‘bullish’ over 24 hours while it was in the ‘neutral’ territory for TPET. 

XOM and CVX stocks were trending in the ‘bullish’ territory at the time of writing. Sentiment for USO and UCO stocks, meanwhile, was in the ‘extremely bullish’ and ‘bearish’ territories, respectively.

One bullish user on Stocktwits said, “$USO $BATL I'm not selling, no matter what."

https://stocktwits.com/mz08/message/659475043

BATL stock is up more than 46% this year, while TPET has declined nearly 60% in the same time. XOM and CVX have gained more than 20% each in 2026. 

USO and UCO have surged nearly 80% and 113% year-to-date. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.