US Stock Market Move | Oil stocks broadly rise, Occidental Petroleum Corporation (OXY.US) up nearly 6%

On Thursday, oil stocks rose across the board, with Occidental Petroleum Corporation (OXY.US) up nearly 6%, Petrobras (PBR.US), ConocoPhillips (COP.US) up over 4%, Chevron Corporation (CVX.US) up 4%, and Imperial Oil Limited (IMO.US) up 3%. Brent crude oil futures prices continued to rise during the day, increasing by over 8% at one point, and at the time of writing, they were up 7.81%. Market analysts said that two pieces of news stimulated the sharp rise in oil prices: first, US President Trump's latest speech did not mention details of restarting the Strait of Hormuz, but stated that the US military would launch extremely fierce attacks on Iran in the next two to three weeks. Second, reports suggest that Russia is about to cut oil production as attacks by Ukraine on Russian port infrastructure, pipelines, and refineries have reduced its export capacity by 1 million barrels per day, representing one-fifth of its total capacity.