For most of 2026, Exxon Mobil (XOM) and Chevron (CVX) investors enjoyed good gains as the Middle East crises pushed crude price to record highs.
The Iran war had throttled the Strait of Hormuz, the narrow passage through which roughly a fifth of the world’s oil normally travels, and both stocks surged on the news
Then the U.S. Treasury, in the early hours of June 22, made a major change. The Office of Foreign Assets Control published General License X, a sweeping 60-day authorization letting buyers worldwide purchase, transport, and arrange services for Iranian crude, petroleum products, and petrochemicals with no volume cap.
Buyers can now pay Iran directly in U.S. dollars, removing one of the biggest practical barriers to Iranian oil reaching global markets. Brent crude fell more than 3.5% on June 22 and losses continued toward pre-conflict lows through the week, Reuters reported. Exxon Mobil and Chevron have followed crude lower, both dropping nearly 3% on Tuesday.