Chevron (CVX) Tanker Hit by Drone Emergency...Oil Prices Soar, Could Reach $230

▲ Chevron (CVX), Strait of Hormuz, rising international oil prices, oil tanker/AI generated image

As tensions in the Strait of Hormuz flared up again, the atmosphere surrounding Chevron (CVX) changed rapidly. With international oil prices jumping more than 5% and a tanker chartered by Chevron even coming under drone attack, energy supply instability has re-emerged at the forefront of the stock market.

On July 8 (local time), according to investment media outlet Benzinga, the U.S. Central Command announced that it had carried out airstrikes after Iran attacked three merchant vessels. The U.S. Central Command characterized Iran's attacks as a violation of the ceasefire. West Texas Intermediate (WTI) rose 5.83% to $74.55 per barrel, and Brent crude increased 5.68% to $78.37.

Chevron-chartered tanker Yasa Polaris also came under drone attack near the Caspian Pipeline Consortium's loading facilities on Russia's Black Sea coast. Chevron stated, “All crew members are safe, and the vessel is stable and heading towards a safe port.” It explained that there was no impact on Tengizchevroil's operations or exports.

Technical trends are mixed. The 20-day simple moving average acts as short-term support at $176.38. In contrast, the 50-day moving average at $183.38 and the 100-day moving average at $187.83 indicate medium-term pressure. The 200-day moving average is $172.54, and the Relative Strength Index (RSI) is 45.54, in the neutral zone.

The 20-day moving average remains below the 50-day moving average, signaling short-term bearishness. However, the 50-day moving average stays above the 200-day moving average, continuing the golden cross formed in August 2025. Key resistance is at $192.5, and major support is at $152.5. The 52-week low is $145.58.

Chevron is set to announce its earnings on July 31. Wall Street forecasts earnings per share to rise from $1.77 in the same period last year to $5.27, and revenue from $44.82 billion to $62.36 billion. The average analyst price target is $209.2, with a 'Buy' rating. Wolfe Research suggested a price target of $210, and Mizuho suggested $230.

[Article Summary]

-Tensions in the Strait of Hormuz reignited, causing WTI and Brent crude to rise by 5.83% and 5.68% respectively.

-A Chevron-chartered tanker was attacked by a drone, but the crew and vessel are safe, and no damage to operations or exports has been confirmed.

-Chevron is awaiting its earnings announcement on July 31, amidst conflicting short-term bearish signals and a long-term golden cross.

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