Chevron's stock price surged 7.09% in overnight trading, marking a significant upward movement for the energy company.

The jump in Chevron's shares coincided with a broad rally in oil stocks, as escalating conflict in the Middle East involving Iran jolted global markets. Geopolitical tensions in the region typically drive concerns over oil supply disruptions, leading to higher oil prices and boosting shares of major oil producers.

Market activity indicated a flight to commodities and energy equities as investors reacted to the heightened geopolitical risk, with oil assets seeing pronounced buying pressure during the session.