Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations
Published . Updated .
This report is about oil and refining. Names like XOM and CVX typically gain because exxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+8.2% 30d
United States Oil Fund: its price follows crude oil. Linked by “galp” (oil) in this story.
- XLE Energy Select Sector SPDR+7.4% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “galp” (oil) in this story.
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refinery” (refining) in this story.
- ITA iShares U.S. Aerospace & Defense ETF-6.7% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- XOM ExxonMobil Holdings+11.0% 11d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story.
- CVX Chevron+9.9% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story.
- OXY Occidental Petroleum+3.8% 18d
Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story.
- COP ConocoPhillips+11.7% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -5.13% | -5.78% | base | -1.51% | after close | after close | after close |
| XLE | -2.19% | -1.69% | base | +0.48% | after close | after close | after close |
| CRAKNo price data for this ticker | — | — | — | — | — | — | — |
| ITANo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -2.72% | -2.80% | base | +0.64% | after close | after close | after close |
| CVXNo price data for this ticker | — | — | — | — | — | — | — |
| OXYNo price data for this ticker | — | — | — | — | — | — | — |
| COPNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
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Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations Reuters
Source: Reuters
How far United States Oil Fund (USO) has moved since 26 Oct 2026
| Company | When | Move | Status |
|---|---|---|---|
| United States Oil Fund (USO) | that day | -1.51% | still updating |
| United States Oil Fund (USO) | three days earlier | -5.78% | final price |
| United States Oil Fund (USO) | five days earlier | -5.13% | final price |
| Select Sector Spdr Tr (XLE) | that day | +0.48% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -1.69% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -2.19% | final price |
| ExxonMobil Holdings (XOM) | that day | +0.64% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | -2.80% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -2.72% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 56 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought ExxonMobil Holdings (XOM), worth $250,001 - $500,000 on 31 Jul 2026. That is 87 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 33 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 54 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Chevron (CVX), worth $15,001 - $50,000 on 26 Aug 2026. That is 61 days before publication. Filed 8 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Occidental Petroleum (OXY), worth $100,001 - $250,000 on 21 Aug 2026. That is 66 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 61 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 63 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 66 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Oil Fund (USO)
Likely winners
- XOM ExxonMobil Holdings
In “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations,” ExxonMobil Holdings (XOM) tends to benefit, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story
- CVX Chevron
Chevron (CVX) tends to benefit, medium confidence in the 26 Oct 2026 story “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations.” Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story
- OXY Occidental Petroleum
For “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations,” Occidental Petroleum (OXY) tends to benefit, medium confidence. Reason on file: Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “galp” (oil) in this story
No up or down call on file
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 26 Oct 2026 story “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “galp” (oil) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 26 Oct 2026 story “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations.” Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “galp” (oil) in this story
- CRAK Vaneck Etf Trust
Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence in the 26 Oct 2026 story “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations.” Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refinery” (refining) in this story
- ITA IShares U.S. Aerospace & Defense ETF
In “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations,” IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence. Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story
United States Oil Fund (USO) and the energy link
On 26 Oct 2026, “Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations” is the story that connects United States Oil Fund (USO) to Energy.
What ties United States Oil Fund (USO) to the headline is this: United States Oil Fund: its price follows crude oil. Linked by “galp” (oil) in this story
A second company, Select Sector Spdr Tr (XLE), is listed for a different reason: Energy Select Sector SPDR: its price follows crude oil. Linked by “galp” (oil) in this story
What this energy story puts on the calendar
USO traded between 141.82 and 169.96 across 20 sessions. The latest close on file is 169.55. XLE traded between 60.95 and 69.72 across 20 sessions. The latest close on file is 69.32.
How strong the case is around United States Oil Fund (USO)
46 out of 100Price not final
“Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.