On September 15, Diamondback rose 3.15% in regular trading, trading near $212.20 per share, with turnover of approximately $74.37 million, as the shale oil sector rallied broadly.

The move was driven by a latest Bernstein research report warning that Brent crude could surge to $120-$150 per barrel from current levels. The report cited persistent Middle East supply disruptions, with oil flows through the Strait of Hormuz and Bab el-Mandeb reduced to roughly 7 million barrels per day — less than one-third of the pre-conflict level of 20 million barrels per day. Additionally, the IEA projected global oil supply would decline by approximately 5.7 million barrels per day this year, a drop of about 6%.

Diamondback is an independent oil and gas company focused on unconventional reserves in the Permian Basin, West Texas. The company reported strong Q2 results with adjusted EPS of $6.48, beating estimates of $6.08, and revenue of $5.56 billion versus $4.89 billion expected. Its board also doubled the share repurchase authorization to $16 billion.

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