"Oil stocks sharply higher after US action in Venezuela", 05 January 2026

...Shares of major U.S. companies in the energy sector are sharply higher Monday after President Donald Trump announced plans to take control of Venezuela’s oil industry and said American companies would revitalize it after capturing President Nicolás Maduro.

While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets.

Venezuela produces the kind of heavy crude oil that’s needed for diesel fuel, asphalt and other fuels for heavy equipment. Diesel is in short supply around the world because of the sanctions on oil from Venezuela and Russia and because America’s lighter crude oil can’t easily replace it.

Big refiners like Valero, Marathon Petroleum and Phillips 66 rose between 5% and 6% at the opening bell.

Oilfield service companies, those that actually go into the field and do the drilling and upkeep, rose even more sharply. SLB and Halliburton rose between 7% and 8%.

Major oil exploratory companies including ExxonMobil, Chevron and ConocoPhillips rose between 2% and 4%...