Occidental Petroleum's stock surged 5.02% during Monday's intraday trading session.
The rally came as oil prices jumped following reports that Iran had halted indirect communications with the U.S. over attacks on Lebanon, raising concerns about potential supply disruptions in the Middle East.
Iran's Tasnim news agency reported that Tehran and its allies had set an agenda to block key oil shipping routes like the Strait of Hormuz, which pushed Brent crude futures up 6.1% and U.S. West Texas Intermediate futures up 7.07%, benefiting oil and gas companies including Occidental.
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