US Stock Market Move | Oil stocks broadly rose, with Occidental Petroleum Corporation (OXY.US) up over 2%.

On Tuesday, oil stocks broadly rose, with Petroleo Brasileiro (PBR.US), Occidental Petroleum Corporation (OXY.US), and BP p.l.c. Sponsored ADR (BP.US) up over 2%, while ConocoPhillips (COP.US), Exxon Mobil Corporation (XOM.US), and Chevron Corporation (CVX.US) gained over 1%. On the news front, Saudi Arabia, the world's largest crude oil exporter, shut down its East-West pipeline after an attack last week. Meanwhile, Saudi Arabia is also facing attacks by Yemen's Houthi rebels in the Red Sea, as well as challenges from ongoing shipping disruptions in the Strait of Hormuz. With multiple transport routes disrupted simultaneously, Saudi Arabia's crude export capacity is under pressure, and the arrival schedules for European customers are directly affected. OPEC data shows that Saudi Arabia's crude oil production in August plunged by about 1.9 million barrels per day month-on-month to 6.24 million barrels per day, a decline of about 23% from July.