The SPDR Oil & Gas Exploration & Production ETF (XOP) advanced 2.14% on Friday following news of U.S. military intervention in Venezuela and related statements on future oil investments. In overnight trading on Sunday, XOP continued its upward trajectory, gaining an additional 1.66%, and later extended gains to 2.26% in after–hours activity. These back-to-back increases represent one of the strongest multi-session surges for the fund in the past six weeks, lifting its three-month rolling return into positive territory against the broader market.

Investor enthusiasm for XOP has been driven by expectations of accelerated capital inflows into Venezuelan oil infrastructure, as statements from senior U.S. officials highlighted plans for large-scale investment in field rehabilitation. The prospect of restored production in one of the world's largest crude reserves has intensified demand for exploration and production exposure. Additionally, heavier crude grades favored by XOP’s portfolio constituents are positioned to benefit from anticipated refinery turnarounds and seasonal demand patterns, contributing to the ETF’s relative outperformance compared with broader energy benchmarks.