Why CVX, XOM, And Other Energy Stocks Are Gaining Today

• Among energy stocks, ExxonMobil and Chevron advanced 0.8% and 0.7%, respectively. ConocoPhillips, Occidental Petroleum, Baker Hughes, and SLB shares gained between 0.8% and 1.2%.
• Trump's comments came after the U.S. confiscated an oil tanker last week off the Venezuelan coast.
• IG analyst Tony Sycamore said Trump’s announcement was a notable escalation due to its breadth and its immediacy.

Oil prices gained on Wednesday after U.S. President Donald Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering Venezuela after designating President Nicolás Maduro’s regime as a ‘foreign terrorist organization.’

Benchmark Brent crude prices rose 2% to rise above $60 per barrel, while U.S. West Texas Intermediate crude oil prices rose over 2.1% to $56.48 per barrel at the time of writing. Oil prices slid to near five-year lows in the previous session after talks on a ceasefire in Ukraine advanced.

Among energy stocks, ExxonMobil and Chevron advanced 0.8% and 0.7%, respectively. ConocoPhillips, Occidental Petroleum, Baker Hughes, and SLB shares gained between 0.8% and 1.2% in pre-market trade early Wednesday.

What Did Trump Say?

The U.S. has been ramping up pressure on Maduro since his contentious election victory last year.

“For the theft of our Assets, and many other reasons, including Terrorism, Drug Smuggling, and Human Trafficking, the Venezuelan Regime has been designated a FOREIGN TERRORIST ORGANIZATION. Therefore, today, I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela,” Trump wrote on Truth Social on Tuesday.

Trump's comments came after the U.S. confiscated an oil tanker last week off the Venezuelan coast. The number of vessels caught up in the Venezuela oil embargo and how it will be enforced are also unclear. However, Trump has previously deployed the U.S. Coast Guard.

What Are Stocktwits Users Saying?

Retail sentiment on Stocktwits about the United States Oil Fund was in the ‘bullish’ territory at the time of writing.

“U.S. President Trump's announcement of a ‘total and complete blockade’ on all sanctioned oil tankers entering or leaving Venezuela is a notable escalation due to its breadth and its immediacy,” said Tony Sycamore, IG analyst. “Furthermore, it leaves yesterday’s break below year-to-date lows in WTI at $55.00 exposed as a false break lower with the market now likely to be left in two minds about the legitimacy of this move.”

The United States Oil Fund has fallen nearly 14% this year.

Also See: Trump Reportedly Considers Curbs On Defense Contractor Buybacks, Dividends: Here’s How Much They Have Paid In 2025

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