Exxon Stock Soars on Strong Q2 Earnings and Higher Oil Prices

Exxon Mobil's (XOM) stock surged 3.3% on Monday after reporting a massive $14.5 billion profit for the second quarter, with adjusted earnings reaching $14.7 billion or $3.52 per share.

The oil giant's strong performance was driven by its robust production, which reached approximately 4.5 million barrels of oil equivalent per day, and the Permian Basin smashing another record at over 1.8 million barrels per day.

The Permian's high production helped absorb around 450,000 barrels per day of unavailable Qatar production, resulting in upstream earnings of $9.2 billion.

Brent crude prices rose nearly 2% after Iran put conditions on reopening the Strait of Hormuz, a critical artery for global energy supplies.