Occidental (OXY) saw its stock price soar by 5.44% in Sunday's trading session, riding the wave of a broader rally in oil stocks. The surge comes in response to escalating geopolitical tensions, as the United States launched strikes on Iran's nuclear sites over the weekend.
The unexpected military action sent shockwaves through global markets, causing West Texas Intermediate crude to jump as much as 2.38%. This sharp increase in oil prices has led to a notable uptick across the energy sector, with several oil companies seeing significant gains. For instance, Houston American Energy Corp (HUSA) and US Energy Corp (USEG) witnessed remarkable increases of 22.3% and 14.2% respectively.
As a major player in the oil and gas industry, Occidental stands to benefit from the potential supply disruptions and heightened global tensions. Investors appear to be betting on increased profits for oil companies in the wake of these events. However, market participants should remain cautious, as the situation remains fluid and could lead to further volatility in both oil prices and related stocks in the coming days.
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