Chevron Rallies as Brent Crude Surges Past $90

Chevron's stock jumped nearly 2.3% to $206.355 as Brent crude oil prices surged above $90 per barrel, driven by renewed Gulf fighting.

The integrated oil-and-gas giant is benefiting from higher crude prices, which are feeding its upstream profits. However, the White House is pressing refiners, including Chevron, to increase refining margin and lower gasoline prices, which average over $4 per gallon in the US.

Chevron reported second-quarter earnings of $12.1 billion and a 20% increase in worldwide production, showing the impact of rising oil prices on its bottom line.