Bank of America sees Chevron benefiting if Iran-U.S. tensions keep Strait of Hormuz at risk; sets $210 target
2026-07-09 15:22:14
According to CNBC, Bank of America said Chevron could be a major beneficiary if Iran-U.S. tensions stay elevated and the Strait of Hormuz is closed again, reiterating a buy rating and a $210 price target that implies about 19% upside from Wednesday’s close. Analyst Jean Ann Salisbury said the firm prefers Chevron over Exxon Mobil because of its Venezuela presence, limited Middle East exposure, and greater earnings sensitivity to higher oil prices in 2026/27; she also said medium-term restocking demand should support around $70 a barrel, assuming the strait’s reopening is not essentially flawless. Chevron shares are up about 15% year to date, while Brent futures have surged 26% in 2026 alongside West Texas Intermediate futures; the report also noted that of 26 analysts covering Chevron, 21 rate the stock buy or strong buy.
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