Energy stocks surged Monday as investors welcomed President Donald Trump's stated intent to tap Venezuela's vast oil reserves, raising expectations that US energy companies could eventually return to one of the world's most resource-rich — but long-neglected — oil producers.
Chevron emerged as the standout gainer, with its shares jumping as much as 10% in early trade before paring gains to trade around 5% higher. Chevron is currently the only major US oil company still operating in Venezuela and exporting crude from the country. Shares of Exxon Mobil and ConocoPhillips rose about 3% each, buoyed by speculation that restrictions barring US firms from Venezuela's oil fields could be eased.
