US Stock Market Move | Oil stocks generally rose, Occidental Petroleum Corporation (OXY.US) rose more than 4%.

On Thursday, oil stocks rose across the board, with Occidental Petroleum Corporation (OXY.US) up over 4%, ConocoPhillips (COP.US) up over 3%, Exxon Mobil Corporation (XOM.US), and Chevron Corporation (CVX.US) up over 2%. Brent crude oil futures surged over 4% intraday, breaking through the $70 mark, as the market worries that escalating tensions between the US and Iran will drive oil prices higher. It is reported that US President Trump continues to pressure Iran to end its nuclear program, threatening military strikes and deploying naval fleets to the region. Trump is considering options that include targeted strikes against Iranian security forces and leaders to incite protesters and possibly overthrow the current regime in Iran. Analysts warn that if Iran retaliates, for example by closing the Strait of Hormuz, it could have a catastrophic impact on the transport of over 20 million barrels of oil daily.