U.S. Stocks Movement | Oil Stocks Rise Broadly, Occidental (OXY.US) Up Over 4%

Stock News

Jan 29

On Thursday, oil stocks experienced broad gains, with Occidental (OXY.US) climbing more than 4%, ConocoPhillips (COP.US) rising over 3%, and Exxon Mobil (XOM.US) and Chevron (CVX.US) each advancing more than 2%. Brent crude futures surged over 4% during the day, decisively breaking through the $70 per barrel mark, with escalating tensions between the U.S. and Iran cited as the primary catalyst for the oil price increase. It is understood that U.S. President Donald Trump continues to pressure Iran to halt its nuclear program, threatening military action and deploying naval forces to the region. Reports indicate that Trump is considering options, including precision strikes targeting Iran's security forces and leaders, aiming to incite protesters and potentially overthrow the current Iranian regime. Analysts warn that retaliatory actions by Iran, such as closing the Strait of Hormuz, could have a catastrophic impact on the daily transit of over 20 million barrels of oil.

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