Chevron Corporation (Chevron (CVX)) stock is trading higher on Wednesday as crude oil prices rallied, with spot WTI climbing back into the mid-$70s after jumping about 5% to around $74 a barrel following the collapse of a ceasefire.
Investor focus shifted back to the Strait of Hormuz after U.S. Central Command said it carried out strikes in response to what it described as Iran's attack on three commercial vessels, calling the incident a violation of the ceasefire.
Adding to geopolitical concerns, President Donald Trump on Wednesday raised the possibility of blockades and even taking control of key Iranian oil infrastructure, fueling worries over potential supply disruptions.
Chevron, ZL Chemicals Announce Technology Licensing Agreement
Separately, Chevron said Wednesday that its Chevron Technical Center signed a technology licensing agreement with ZL Chemicals to commercialize Chevron-developed advanced chemical surfactant technology under the Vantis brand.
The technology is designed to improve resource recovery in shale and tight reservoirs, including enhanced oil recovery and well optimization.
Chevron will continue developing next-generation surfactant technology for its own operations, while ZL Chemicals will market and deploy the licensed products and services to a broader customer base.
Technical Outlook
Chevron traded near its 20-day simple moving average of $175.69 and remained above its 200-day moving average of $172.62. However, the stock was still 4.2% below its 50-day moving average of $183.19 and 6.5% below its 100-day moving average of $187.73, indicating the intermediate-term trend remains under pressure.
Its relative strength index stood at 48.18, a neutral reading that suggests buying and selling pressure remain balanced.
Technical traders are watching resistance near $192.50, while support sits around $152.50, close to the stock's 52-week low.
Chevron Price Action
Chevron shares were up 1.02% at $175.78 at the time of publication on Wednesday, according to market data.
