Stock Track | Exxon Mobil Soars 5.42% in Pre-market Amid Middle East Conflict and Citigroup Target Price Raise

Stock Track03-02 17:08

Exxon Mobil's stock surged 5.42% in pre-market trading on Monday, marking a significant upward movement for the oil giant.

The sharp increase comes as escalating conflict in the Middle East, particularly strikes on Iran, has jolted global markets and driven oil prices higher. Brent oil futures jumped as much as 13% in overnight trading, prompting investors to flock to energy stocks as geopolitical tensions rise. The broader oil sector saw significant gains in overnight trading following the heightened tensions.

Adding to the positive sentiment, Citigroup raised its target price for Exxon Mobil to $150 from $118, reflecting improved analyst outlook for the company amid the current market conditions.

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