Bank of America reiterated a Buy rating for Chevron, designating it the top oil major over Exxon Mobil.
Analysts expect Chevron to benefit significantly if Middle East tensions close the Strait of Hormuz.
The bank maintained a $210 price target for the stock.
Chevron maintains limited Middle East exposure and high earnings sensitivity to surging crude prices.
Its operations in Venezuela provide additional insulation against potential supply shocks in the Persian Gulf.