Chevron Outshines Exxon as Bank of America Sees Oil Prices Soaring

Bank of America has maintained its 'Buy' rating on Chevron stock and predicts that oil prices will remain elevated if tensions between Iran and the U.S. persist.

The bank favors Chevron over ExxonMobil due to its business mix, which includes exposure to higher oil prices through its presence in Venezuela and lack of Middle East involvement.

Chevron shares have gained around 15% year-to-date as the Iran war pushed crude prices higher.

Bank of America's rating aligns with broader Wall Street sentiment, with 19 out of 24 analysts covering Chevron having a 'Buy' or 'Strong Buy' rating on the stock.