US Stock Market Moves | Oil Stocks Rise Across the Board, ConocoPhillips (COP.US) Up Over 3%
On Thursday, oil stocks generally rose, with ConocoPhillips (COP.US) and BP (BP.US) both gaining over 3%.
Zhitong Finance APP reported that on Thursday, oil stocks generally rose, with ConocoPhillips (COP.US) and BP (BP.US) gaining more than 3%, while Petrobras (PBR.US) and Occidental Petroleum (OXY.US) increased by more than 2%. The price of WTI crude oil once surpassed $87 per barrel during trading, rising more than 3% intraday.
On the news front, tensions escalated between the United Arab Emirates and Iran. The UAE Ministry of Defense reported monitoring two ballistic missiles coming from Iran, with one falling into UAE territorial waters. In the early hours of the 19th, the UAE Ministry of Foreign Affairs announced a suspension of all trade, commercial relations, and financial transactions with Iran. On August 18, Trump made it clear that "there will be no talks with Iran at present or in the future," and the U.S. maritime blockade on Iran remains fully effective.
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