Oil Stocks Surge Amid Escalating U.S.-Iran Tensions
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Oil prices and related equities rallied in early trading as geopolitical risks intensified. Chevron (CVX), Shell (SHEL), and ExxonMobil (XOM) gained 0.1%-0.2% premarket following reports of potential U.S. military action against Iran. Brent crude briefly topped $77/barrel before paring gains.
The Straits of Hormuz—a critical chokepoint for 20% of global oil supply—faces potential disruption if Iran retaliates. Market participants are pricing in heightened supply risks as Israel-Iran hostilities persist and Diego Garcia emerges as a potential staging ground for strikes.
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