US Stock Market Move | Oil stocks rise broadly, Phillips 66 (PSX.US) up nearly 4%

On Monday, oil stocks rose across the board, with Phillips 66 (PSX.US), Marathon Oil (MPC.US), and Valero Energy Corporation (VLO.US) all rising nearly 4%, reaching historic highs. Exxon Mobil Corporation (XOM.US) rose over 2%, while Occidental Petroleum Corporation (OXY.US) rose over 1%. On the news front, WTI crude oil futures surged over 3% to $73.59, while Brent crude oil futures also rose over 3% to $78.38. On July 13th local time, Iranian Foreign Ministry spokesperson Bahram Ghasemi stated that the understanding memorandum with the United States has "undoubtedly entered a crisis stage." Additionally, according to Iranian TV reports, Iran has stated that the Strait of Hormuz remains closed due to violations by the US military of the understanding memorandum. The closure of the Strait of Hormuz is intended to establish Iran's sovereignty over the strait in accordance with the Islamic Republic understanding memorandum.