US Stock Market Move | Oil and gas stocks generally rose before the market. Occidental Petroleum Corporation (OXY.US) rose more than 6%.

On Monday, oil and gas stocks soared before the market opened. As of the time of writing, Occidental Petroleum Corporation (OXY.US) rose more than 6%, ConocoPhillips (COP.US) and Exxon Mobil Corporation (XOM.US) both rose over 4%, and SLB (SLB.US) rose 3%. On the news front, the escalation of conflict in the Middle East led to a sharp increase in oil prices, with Brent crude prices soaring 13% to over $82 per barrel at one point. Occidental Petroleum Corporation, as a major US oil producer, directly benefited from this. The company has leading oil and gas assets in the Permian Basin in the US and the Middle East, and the significant increase in oil prices greatly enhances its exploration and production business profit prospects.