On Oct. 14, Chevron (NYSE: CVX) touched an all-time high closing price of $222.04. As I write this, it's trading at just about a dollar below that. The stock has had a banner 2026, climbing 45% and massively outperforming the broader market. So, the question for investors right now is: Is that impressive price gain just due to elevated oil prices, which are bound to come back down eventually? Or is the stock a buy for the long term? Well, it's certainly true that oil prices are elevated. The current price for a barrel of Brent crude, the international benchmark, is just under $106. That's 46% higher than before the war in the Persian Gulf began. When oil prices rise, revenue and profits for oil majors rise in tandem, and share prices follow.
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