On July 7, BP rose 3.06% in regular trading, trading at $38.535/share, with turnover of $244 million. The stock gained alongside a broad rally in oil and gas names after geopolitical tensions in the Strait of Hormuz escalated sharply.

On the news front, U.S. officials confirmed that Iran's Islamic Revolutionary Guard Corps fired at least two missiles at commercial vessels transiting the Strait of Hormuz. Two ships were struck and sustained serious damage, though no casualties were reported. The incident threatens to unravel a memorandum of understanding signed less than three weeks ago under which Iran had agreed to cease attacks in the strait. WTI crude surged 2% above $70/barrel while Brent crude climbed over 2% to $73.52/barrel, lifting the entire integrated oil sector.

Within the Integrated Oil & Gas sector, Occidental rose 5.75%, Shell gained 4.68%, Exxon Mobil advanced 3.69%, Chevron climbed 3.57%, and Petrobras added 3.08%.

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