Shares in both Exxon Mobil and Chevron are trading higher to open the week following the US military intervention in Venezuela. The South American country, a hub for oil and other natural resources, saw its President, Nicholas Maduro, abducted over the weekend by US forces and brought to the US. He is being tried for various crimes in a US court, as the US government looks to establish a chokehold on Venezuela and its oil supply.
Following Maduro’s capture, President Donald Trump pledged to revive the Venezuelan energy sector and put the US in charge of it. “We’re going to have our very large United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure — the oil infrastructure — and start making money for the country,” Trump said on Saturday.
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While many international players voiced grievances of the US intervention in Venezuela, including labeling it a war crime, US oil stocks got a boost thanks to Trump’s promise. Exxon Mobil (XOM) stock is up 2% Monday, including a 4.6% rally in the last five days. Meanwhile, the Chevron Corporation (CVX) is up 4.8% today and over 8% in the last five days as well. Chevron is currently the only American oil major operating in the South American nation under special US permission. Its recent climb is its largest stock rally since April 2025.
“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” a Chevron spokesperson said in a statement on Monday. “We continue to operate uninterrupted and in full compliance with all relevant laws and regulations.”
In addition to these two oil players, the three largest oil-service companies — Halliburton Co., SLB Ltd, and Baker Hughes Co. — all jumped more than 5%. Other top resources with US market tracking, including Gold and Silver, are also higher, as Venezuela has a rich inventory of these assets.