US Stock Market Move | Oil stocks generally rose, with Occidental Petroleum Corporation (OXY.US) rising by more than 5%.

On Wednesday, oil stocks rose across the board, with Occidental Petroleum Corporation (OXY.US) up more than 5%, Imperial Oil Limited (IMO.US) up over 3%, ConocoPhillips (COP.US), and Chevron Corporation (CVX.US) up over 2%. WTI crude oil rose 7% intraday, now trading at $75.39 per barrel. WTI crude oil broke through $70 per barrel, rising over 2% intraday. On the news front, the situation in the Middle East is undergoing new changes. US President Trump stated that the temporary ceasefire agreement he reached with Iran has ended, escalating the possibility of renewed military conflict between the two countries. Shortly before Trump made these remarks, the US launched a new wave of strikes against Iran and revoked exemptions allowing the sale of Iranian oil. These actions are in response to recent attacks on ships in the Strait of Hormuz.