Chevron Corporation (CVX  ) shares are trading slightly higher on Friday. Oil prices rebounded on Thursday after President Donald Trump said on social media that the U.S. "doesn't need a deal with Iran," dampening hopes of near-term de-escalation.

At the time of writing, Brent crude was near $96.06, while WTI crude stood at $88.73.

Chevron Restarts Iowa Biodiesel Facility

On Thursday, Chevron disclosed it will resume operations at its biodiesel production facility in Ralston, Iowa, under a commercial and operational agreement with farmer-owned Landus Cooperative, following improved market conditions.

Landus' neighboring soybean processing facility handles more than 28 million bushels annually, making it the largest mechanical soybean crushing facility in the U.S. Iowa is the country's second-largest soybean-producing state.

The Ralston plant has an annual production capacity of nearly 42 million gallons, enough to fuel more than 275,000 typical 18-wheelers.

The restart is expected to increase regional biodiesel supplies, support diesel markets and create additional opportunities for Iowa soybean farmers. It could also generate local jobs and contracting opportunities.

Chevron idled the facility in 2024 following a market downturn.

Operations will resume in stages, with staffing, maintenance, safety and operational-readiness work taking place before production begins. Chevron said the move will help strengthen fuel supplies amid tight global oil markets.

The company added that its U.S. refineries operated at nearly 98% utilization in the third quarter, achieving record crude throughput.

Monthly renewable diesel and biodiesel production also reached record levels in 2026.

CVX Stock Price Activity: Chevron shares were up 0.92% at $218.34 at the time of publication on Friday.