Oil prices spiked on Monday, April 13, 2026, as the United States prepared to blockade Iranian ports. Stalled ceasefire talks triggered the geopolitical escalation.
Benchmark U.S. crude jumped 7.4% to $103.69 a barrel. Brent crude also rose 7.4% to reach $102.24 a barrel.
Rising crude prices directly boost revenue and earnings for major producers like Exxon Mobil. Energy stocks are gaining despite a broader decline in global markets.