Goldman Lifts Exxon, Chevron Targets as Oil Climbs Past $111

Goldman Sachs raised its price target on ExxonMobil to $178 and on Chevron to $241, both moves justified on valuation grounds, according to the bank's latest notes. The firm also lifted its target on ConocoPhillips to $157 on higher commodity estimates, extending a round of upward revisions across the oil majors. The target increases follow Brent crude's climb above $111 a barrel, a level that supports higher earnings estimates for upstream producers. Goldman also reiterated its rating on Steel Dynamics following mixed third-quarter results and raised its price target on Cleveland-Cliffs on cost factors, suggesting the bank's more constructive commodity view extends beyond oil into steel. What is unresolved is how long the oil price run lasts: the same crude strength lifting these targets is also cited elsewhere as a cost pressure on AI data centers and broader industry, a tension that could cut either way for markets depending on how long prices stay elevated.