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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move that adds regulatory pressure on the energy sector, U.S. President Donald Trump announced that the Department of Justice is investigating Exxon Mobil and Chevron as part of a broader probe into the sharp rise in gas prices. Trump said the two companies are among those targeted, without providing further details on potential violations. The announcement comes amid a notable surge in fuel prices in U.S. markets.
The probe adds a new layer of regulatory risk for the two largest U.S. oil companies, with XOM closing at $136.47 (close June 24, 2026) and CVX closing at $175.99 (close June 23, 2026), according to market data. The announcement follows data showing Germany's producer price index rose to 2.2% year-on-year in May, reflecting global inflationary pressures. UK employment data also showed the unemployment rate falling to 4.9%, adding to economic uncertainty.
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Sign InInvestors are closely watching the probe's developments, as any enforcement action could add further pressure on XOM and CVX shares. Market data shows XOM currently trading at $136.47, with a session high of $137.64 and a low of $135.615. On the calendar front, no major U.S. economic data is due next week that could impact the sector, keeping the focus on regulatory developments.