This literally could not be happening at a worse time. The conflict in the Middle East is choking global supplies of fertilizer right before the crucial spring planting season, affecting American farmers already squeezed for months by tariff wars and threatening the global supply chain of essential agricultural inputs.
The SPDR S&P Oil & Gas Exploration & Production ETF ( NYSEARCA:XOP) tracks a basket of U.S. energy producers at a pivotal moment for the sector. As of February 13, 2026, the fund trades at $147.89, delivering a 17.1% year-to-date gain despite persistent commodity headwinds. This resilience reflects the portfolio's diversification across upstream producers, even as individual holdings face margin pressure from lower realized prices.
ConocoPhillips reported disappointing fourth-quarter results on February 5, 2026, missing both earnings and revenue estimates as lower oil prices overshadowed production gains from the Marathon Oil acquisition. The Houston-based energy producer posted adjusted EPS of $1.02, falling short of the $1.12 consensus estimate by 9%. Revenue of $14.19 billion also missed expectations of $14.34 billion. Net income tumbled to $1.44 billion from $2.30 billion in the year-ago quarter, a 37.3% decline driven primarily by weaker commodity prices.