US Stock Market Move | Oil stocks rose broadly, with ConocoPhillips (COP.US) up over 3%.

On Thursday, oil stocks surged, with ConocoPhillips (COP.US) and BP p.l.c. Sponsored ADR (BP.US) rising by over 3%, and Petrobras (PBR.US) and Occidental Petroleum Corporation (OXY.US) increasing by more than 2%. WTI crude oil briefly exceeded $87 per barrel during the day, closing with a gain of over 3%. In related news, tensions between the UAE and Iran have escalated. The UAE Ministry of Defense reported monitoring two ballistic missiles launched from the direction of Iran, one of which fell into UAE territorial waters. The UAE Ministry of Foreign Affairs announced early on the 19th that it has suspended all trade, business exchanges, and financial transactions with Iran. On August 18, Trump clearly stated that "there will be no talks with Iran now or in the future," and the U.S. maritime blockade against Iran remains fully effective.