The conflict with Iran has significantly altered the global energy market, driving strong volatility in oil and gas prices. In this context, oil majors have experienced divergent stock market behavior.
BP has stood out as the best performer among the big five oil companies. Its shares have risen around 20% since the end of February, clearly outperforming competitors such as ExxonMobil, Chevron, Shell and TotalEnergies.
This rebound is especially relevant considering that BP had been one of the worst performers in recent years. The current energy crisis has temporarily changed this dynamic, favoring its position in the market.
Strategic turnaround drives BP’s recovery
One of the key factors behind BP’s performance has been its recent change in corporate strategy. Under pressure from shareholders, the company decided to reduce its exposure to renewables and refocus on oil and gas.
This turnaround responded to years of investor discontent, driven by poor stock market performance and rising debt. Activist funds such as Elliott Investment Management played a major role in demanding structural changes in the company.
The new focus on hydrocarbons has coincided with a high price environment, which has bolstered revenues and market sentiment. BP even anticipates “exceptional” results in its oil trading division for the first quarter of 2026.
Exxon and its influence on the conflict in the Middle East
In contrast to BP, ExxonMobil has recorded the worst stock market performance among the oil majors since the beginning of the conflict. Its shares have fallen by around 2% in the same period.
The main factor behind this drop is Exxon’s exposure to the Middle East region. Part of its oil and gas production, as well as LNG volumes in Qatar, are blocked in the Strait of Hormuz due to the geopolitical situation.
Although the price of crude oil has risen by 45% since the end of February, none of the oil majors has managed to replicate this growth in the stock market. This reflects the operational constraints and geopolitical risks currently affecting the global energy sector.
Source: and photo: https://oilprice.com/