Geopolitical tensions in the Middle East could drive oil prices as high as $120 per barrel according to JP Morgan, benefiting Exxon Mobil's earnings outlook. Applying the Graham Number, Exxon Mobil's intrinsic value ranges from $103 to $134 per share, depending on EPS scenarios.

The price of Dubai swaps, which is a contract settled against physical prices of Dubai crude, rose 5.8% on June 13 to end at $71.03 a barrel. The gain of $3.86 a barrel for Dubai swaps contrasts with the $4.87 jump for Brent contracts.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Baker Hughes CEO Lorenzo Simonelli confirms all Middle Eastern projects are operating normally despite escalating tensions between Israel and Iran, while also acknowledging potential impacts on oil supply.

European stock markets started the trading week on a cautiously optimistic note Monday, with major indices posting modest gains in early dealings.

Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.

Investors were on edge ahead of markets reopening late on Sunday, gripped by anxiety over nationwide protests against President Donald Trump and the escalating threat of a sweeping conflict in the Middle East.