XOM, COP, FANG: U.S. Oil Stocks Surge on Price Rally and Trump’s Bullish Endorsement

Black gold's back with a vengeance—and Wall Street's scrambling to catch up.

Energy Sector Roars Back to Life

Exxon, ConocoPhillips, and Diamondback lead the charge as crude prices break through resistance levels. Trump's pro-drilling rhetoric fuels the fire—traders pile in while traditional analysts play catch-up.

Market Momentum Builds

Energy ETFs see record inflows as institutional money finally wakes up to the reality: fossil fuels aren't going anywhere despite the crypto crowd's renewable fantasies. Sometimes the old-school plays hit hardest.

Political Catalysts Ignite Rally

Policy expectations drive sector rotation out of tech and into energy. Because nothing moves markets like a good old-fashioned political tailwind—even if it's just talk for now.

Because let's be honest: nothing makes hedge funds happier than chasing yesterday's winners while pretending it's forward-thinking strategy.

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Brent crude climbed 1.7% to $67.13 a barrel in early trading, while U.S. West Texas Intermediate crude ROSE $1.09, or 1.8%, to $62.96 a barrel.

Modest OPEC+

The increase came after the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, agreed on Sunday to further raise oil production from October.

The eight members of OPEC+ will lift production from October by 137,000 barrels per day. That, however, is much lower than increases of about 555,000 bpd for September and August and 411,000 bpd in July and June.

Indeed, the amount announced was less than initially feared by analysts. In addition, the possibility of more U.S. sanctions on Russian crude as a result of its intensifying attacks on Ukraine, despite the recent moves to secure a peace deal in the conflict, also helped prices.

Too much supply, allied to still weak demand given fears over economic volatility both in the U.S. and abroad could have sent the oil price even lower this year.

“The market had run ahead of itself in regards to this OPEC+ increase,” said Ole Hansen, head of commodity strategy at Saxo Bank. “Today we’re seeing a classic sell the rumour, buy the fact reaction.”

OPEC+ has been increasing production since April after years of cuts aimed at supporting the oil market. The latest decision comes despite a likely looming oil glut in the Northern Hemisphere this winter.

Stocks Reaction

Shares in oil majors such as BP (BP), up 0.9% in pre-market trading and Shell (SHEL) up 0.8%, flowed higher.

U.S. energy firms Exxon Mobil (XOM) was up 0.6%, ConocoPhillips (COP) was up 0.8% and Diamondback Energy (FANG) rose 0.5%.

These companies, as reported by the Wall Street Journal, have been helped this year by President Trump’s support for the fossil fuel industry. However, it hasn’t shown up in their share price over the last few months – see below:

Trump’s “One Big Beautiful Bill” ended tax credits for electric vehicles and added tax cuts for fossil fuel companies. He has also moved to block offshore wind projects in the U.S.

The WSJ said executives such as Exxon CEO Darren Woods have spoken directly to TRUMP over the phone since his return to office and met with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, multiple times since January.

Oil prices remain low given that they were at $76 back in 2017 and tariff costs on steel have hiked drilling costs, thus hitting investor sentiment. But, according to the WSJ, the oil producers see this as short-term pain for a long-term gain.

It is the era of ‘Drill, Baby, Drill’ after all.

What are the Best Oil Stocks to Buy Now?

We have rounded up the best oil stocks to buy using our TipRanks comparison tool.