Chevron Corporation (CVX  ) shares edged higher premarket on Thursday, trading above their previous 52-week high of $227.28.

Brent crude climbed around 3% on Thursday to approximately $112 at the time of writing amid escalating Houthi attacks in Saudi Arabia and further disruptions to crude oil supplies from the world's key exporting region.

According to Reuters, PVM Oil analyst Tamas Varga said reports of Middle East crude exports recovering above pre-conflict levels had been outweighed by attacks on ships in the Strait of Hormuz and Houthi strikes on Saudi Arabia and its oil infrastructure.

He expects oil prices to remain elevated, with no de-escalation anticipated before the U.S. midterm elections.

Morgan Stanley analysts estimated that Middle East crude exports reached approximately 17 million barrels per day last week.

Meanwhile, Saudi Aramco reportedly instructed employees to evacuate its Dhahran headquarters and work remotely.

The U.S. State Department has also ordered some diplomats and their families to leave Saudi Arabia and is preparing additional departures from other Middle East missions, according to Reuters.

Separately, a reported arbitration ruling in the Kashagan dispute invalidated $12 billion of a cost claim, according to Bloomberg.

Chevron Considers Selling U.S. Gulf Assets

Chevron is also considering selling some mature oil and gas assets in the U.S. Gulf as it prioritizes higher-growth projects in the region, according to Reuters.

The potential sales could generate around $1 billion, the report said.

The multi-month process remains in its early stages and could include Petronius, Tubular Bells, Llano and interests in several other operated and non-operated fields.

Chevron said the sales are not guaranteed and form part of its efforts to align its portfolio with strategic priorities.

The potential divestitures come as Chevron targets U.S. Gulf production of 300,000 barrels of oil equivalent per day by year-end, highlighting its focus on newer developments and growth opportunities. Read more about Chevron's Gulf production target.

Chevron (CVX) Earnings Oct. 2026: Estimates and Analyst Targets

The countdown is on: Chevron Corporation is set to report earnings on October 30, 2026 (confirmed).

  • EPS Estimate: $4.88 (Up from $1.85 YoY)
  • Revenue Estimate: $61.11 Billion (Up from $49.73 Billion YoY)
  • Valuation: P/E of 21.8x (Suggests fair valuation relative to peers)
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $226.77. Recent analyst moves include:

  • Morgan Stanley: Overweight (Raises Target to $226.00) (Oct. 15)
  • TD Cowen: Hold (Raises Target to $225.00) (Oct. 12)
  • UBS: Buy (Raises Target to $235.00) (Oct. 8)
CVX Price Action: Chevron shares were up 1.11% at $229.30 during premarket trading on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.