Crude oil prices rallied on Monday, May 11, after President Donald Trump rejected a peace proposal from Iran. This decision ended hopes for de-escalating a 10-week conflict in the Strait of Hormuz.
Brent crude jumped 3.5% to approximately $104.80 per barrel. The move marks the sharpest single-session increase for the commodity in weeks.
Exxon Mobil stands to benefit from the sustained strength in energy markets. Higher prices are expected to expand margins across the company’s upstream business operations.