US Stock Market Move | Oil and gas stocks rose collectively, with Apache Corporation (APA.US) up more than 5%.

On Monday, oil and gas stocks collectively rose, with Apache Corporation (APA.US) up over 5%, Murphy Oil Corporation (MUR.US) up over 4%, Occidental Petroleum Corporation (OXY.US), Chevron Corporation (CVX.US), and Exxon Mobil Corporation (XOM.US) each up over 3%, and ConocoPhillips (COP.US) up over 2%. In terms of news, supported by uncertainties regarding the reopening prospects of the Strait of Hormuz and the ongoing tension in the Middle East, international crude oil prices continued to rise. WTI crude oil futures increased by 2.80%, reaching $80.35 per barrel; Brent crude oil futures increased by 3%, reaching $82.64 per barrel. Iran has reiterated several conditions before agreeing to fully reopen the strait. Reportedly, the conditions proposed by the Secretary of the Supreme National Security Council of Iran, Ali Shamkhani, include ending the U.S. maritime blockade and the withdrawal of the U.S. Navy and Air Force from the vicinity of Iran. Tehran is also demanding compensation for damages caused by recent conflicts, the lifting of sanctions, and the unconditional release of Iranian assets. These demands currently reduce the likelihood of a swift return to normal shipping operations and contribute to maintaining the risk premium in WTI prices.