Brent Crude Tops $116 as Oil Stocks Rally Broadly

Stock News10-23 22:04

On Friday, oil stocks rose broadly, with ConocoPhillips (COP.US) climbing more than 3%, while Petrobras (PBR.US), Occidental Petroleum (OXY.US), and BP (BP.US) each gained over 2%, and Chevron (CVX.US) and Exxon Mobil (XOM.US) advanced more than 1%.

International oil prices continued to rise, with Brent crude breaking above $116 per barrel, up 2.53% on the day.

On the news front, according to CCTV News, U.S. Ambassador to the United Nations Michael Waltz said the United States is prepared for a long-term standoff with Iran, and the two sides could still be locked in a stalemate a year from now. By then, the two sides may still not have reached an agreement on Iran's nuclear program, and shipping through the Strait of Hormuz may not have returned to pre-conflict levels. Waltz expressed hope that Iran would "come to the negotiating table" before such a scenario unfolds.

Waltz said U.S. President Donald Trump and the U.S. Navy "have the capability to maintain a blockade of Iranian ports for the foreseeable future," and that the U.S. government is further ramping up economic pressure on Iran. According to him, only by disposing of Iran's highly enriched uranium and reaching a substantive agreement with Iran on uranium enrichment activities within its territory would the United States' strategic objectives in this conflict be considered achieved.

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By then, the two sides may still not have reached an agreement on Iran's nuclear program, and shipping through the Strait of Hormuz may not have returned to pre-conflict levels. Waltz expressed hope that Iran would \"come to the negotiating table\" before such a scenario unfolds.<br><br>Waltz said U.S. President Donald Trump and the U.S. Navy \"have the capability to maintain a blockade of Iranian ports for the foreseeable future,\" and that the U.S. government is further ramping up economic pressure on Iran. 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