Chevron (CVX) is being treated as a safe-haven trade in a volatile energy market due to rising oil prices and conflict in the Persian Gulf and disruptions in the Strait of Hormuz. The stock recently hit a new 52-week high of over $205 and increased its market value to about $410 billion, making it one of the biggest listed companies in America. HSBC has upgraded Chevron stock to Buy from Hold and raised its price target to $215 from $180. The bank argues that Chevron has less Middle East exposure than peers, but can still benefit from high oil prices. Investors are buying Chevron for the upside from higher crude prices without additional risk. The company's strong performance and strong dividend are also seen as reasons for its high valuation.