Phillips 66 (PSX) closed at $174.7 in the latest trading session, marking a -1.48% move from the prior day.

Oil has surged 70% in just 26 trading days since the war in Iran began, marking a faster pace than the

Q1 2026 was an exceptional quarter for energy stocks thanks to war in the Middle East, but Q2 2026 is not guaranteed to step in its footsteps. Energy prices can go higher and push the sector higher, but they do not have to if the U.S. can neutralize Iran's ability to project force. While energy stocks are benefiting from the fighting in the short term, it may actually come back to hurt them in the long run.

Meanwhile, Iran has submitted a 10-point response to the U.S. peace proposals, which a U.S. official described as "maximalist", citing the Iranian state news agency IRNA.

U.S. stocks rose on Tuesday, following Monday's advances.

Phillips ​66 said ‌on Monday ​that ​its first-quarter ⁠results ​were hit ​by nearly $900 million ​in ​pre-tax mark-to-market ‌losses, ⁠as a sharp ​rise ​in ⁠commodity prices ​weighed ​on ⁠the ⁠refiner.

Phillips 66 (PSX) is upgraded to Strong Buy, benefiting from surging diesel and chemical margins due to the war-on-Iran and Strait of Hormuz closure. PSX's heavy crude refining capacity and recent WRB Refining acquisition position it to capitalize on high diesel prices and discounted Canadian heavy feedstock. Asian chemical supply disruptions are boosting CPChem's U.S. operations, with polypropylene prices up 35% since March, supporting PSX's chemicals recovery.

Broker-favored stocks like PSX, CABO and others stand out as Iran-Israel war jolts oil and markets.

Eldred Rock Partners LLC cut its stake in Phillips 66 (NYSE: PSX) by 10.9% during the undefined quarter, according to its most recent Form 13F filing with the SEC. The fund owned 90,041 shares of the oil and gas company's stock after selling 11,010 shares during the period. Phillips 66 makes up 3.0%

Phillips 66 (PSX) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.