Chevron Shares Soar 4.5% Amid Oil Price Rally

Chevron's stock price rose 4.48% to $194.91 on Monday, August 11, as oil prices surged 5% higher at $82.13 a barrel.

The increase in Chevron's share price was attributed to the uncertainty over when oil shipments through the Strait of Hormuz might return to normal, rebuilding the oil risk premium.

The gains extended across the sector, with Exxon Mobil and ConocoPhillips also rising 4.41% and 4.61%, respectively.

Chevron's second-quarter free cash flow reached $18.1 billion, more than tripled from a year earlier, driven by higher prices and increased production.