Chevron, U.S. Refiners’ Shares Rally on Trump’s Venezuela Oil Shift

Shares of Chevron and major U.S. oil refiners jumped sharply on Monday after President Donald Trump signaled a tougher stance on Venezuela that could redirect the country’s crude exports away from rivals and potentially back toward the United States.

Chevron’s stock rose more than 7% in early trading, while refiners including Valero Energy, Marathon Petroleum, Phillips 66 and PBF Energy gained between 5% and 16%, according to market data. Investors reacted to expectations that U.S. refiners could regain access to Venezuela’s heavy crude, which is well suited to Gulf Coast refineries .

Trump’s comments and policy signals suggested Washington may seek to tighten pressure on Venezuela while favoring U.S. companies, analysts said. Chevron is currently the only U.S. oil major operating in Venezuela under a special license, putting it in a strong position if U.S. policy shifts further in its favor .

Market analysts noted that while any near-term increase in Venezuelan output is unlikely due to years of underinvestment and infrastructure decay, the strategic realignment of oil flows could still benefit U.S. refiners by improving feedstock availability and margins .

Oil prices were little changed, reflecting skepticism that Venezuelan production can recover quickly, even if policy barriers are adjusted. Analysts cautioned that political uncertainty and operational challenges remain significant risks in Venezuela’s oil sector .