Oil companies with limited exposure to the Middle East may be a way to hedge against potential disruptions.
) futures surged 9% this week — its biggest weekly gain since March 2023 — driven by escalating tensions in the Middle East.
Judging by the stock moves this past week, it looks like Wall Street agrees. Exxon shares surged 7.8% to an all time high, while Chevron climbed 3.6%. “It is likely to lead to appreciation in the U.S. dollar, Japanese yen, and Swiss franc; higher commodity and 10-year U.S. Treasury note prices; and lower equity markets,” Christopher wrote in a client note this week.Israel has banned large gatherings as thousands of people are expected to turn out across the country to commemorate the Oct 7 massacre.
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