Brent tops $116 as energy sector rises 2.5% ahead of company earnings

Key Facts

Brent crude rose 3.1% on October 23, 2026, topping $116 a barrel to reach its highest level since June 2022, according to the Associated Press. In the same session, the S&P 500 energy sector index climbed 2.5% and set a record, according to Reuters. The sector’s gains came as the U.S. stock market closed broadly lower under pressure from rising oil prices, according to the Associated Press. EL7 data showed Exxon Mobil, Chevron, Shell and ConocoPhillips shares closed at $183.21, $233.21, $108.18 and $150.80, respectively. These figures put the stocks’ performance in the context of a session marked by gains in oil and energy, but do not establish that the four companies’ closing prices were all-time highs.

The Associated Press reported that Chevron shares rose 2.9% and ConocoPhillips shares 3.6% on Friday, October 23. The energy sector index also posted its 2.5% gain that day, according to Reuters, while pressure on the broader market was linked to rising oil prices, according to the U.S. news agency. Brent settled at $116.72 a barrel after rising 3.1%, the Associated Press reported. It was below $97 at the start of October, highlighting the scale of the move during the month ahead of the latest close. Energy shares thus gained alongside a jump in crude, though these data alone do not establish how much oil contributed to each stock’s moves individually.

Reuters linked the rise in oil prices to supply disruption concerns after Houthi attacks in Saudi Arabia raised fears of further disruption to Middle East energy supplies. Those concerns come as the market tracks the impact of crude prices on companies, alongside results from refining and trading operations. Major oil companies are heading toward a sharp jump in third-quarter profits, Reuters said, as the U.S.-Israeli war on Iran boosts refining and trading results. The agency also said investors are watching how companies use their cash and how disciplined they are with spending. The earnings season has thus become a measure of how market conditions are reflected in profits and cash allocation, according to Reuters.

Expected earnings vary within the companies themselves between upstream and refining operations. Exxon said higher refining margins in the third quarter could add $4.5 billion to earnings in its downstream segment compared with the second quarter, according to a Reuters report carried by MarketScreener. By contrast, the company said upstream earnings could fall $1.3 billion compared with the second quarter. The comparison puts the impact of improved refining alongside the possibility of weaker oil and gas production activity, rather than portraying higher crude prices as lifting every source of earnings by the same amount. Reported results will provide a picture of the quarter’s outcome following these indicators ahead of their release.

In refining, Shell and TotalEnergies expected third-quarter margins to rise to between three and four times their level a year earlier, according to a Reuters report on October 20. Shell cited a record margin of $42 a barrel, according to the same report. These forecasts add context to expectations for company results, combining a year-over-year comparison of margins with a specific level cited by Shell. They remain indicators and forecasts reported by Reuters before results are released, alongside Exxon’s estimates related to the second quarter. Investors are also watching whether companies use cash generated by improved performance in some operations in a manner consistent with spending discipline, an issue Reuters said is under scrutiny.

The earnings schedule begins on October 29, when Shell and TotalEnergies were due to report, followed by BP, Chevron and Exxon on October 30, according to Reuters. Exxon said it would release third-quarter results on Friday, October 30, 2026, with the statement available at 5:30 a.m. Central Time. Chevron scheduled its third-quarter earnings call for the same day. ConocoPhillips said its financial and operating results would be released before the market opens on November 5. The reporting window runs from October 29 to November 5, with company reports arriving in sequence after the strong energy session the market saw on October 23.