US Stock Market Move | Brent Crude Oil Breaks Above $116, Oil Stocks Rally Broadly

On Friday, oil stocks rallied broadly. ConocoPhillips (COP.US) rose over 3%, while Petrobras (PBR.US), Occidental Petroleum Corporation (OXY.US), and BP p.l.c. Sponsored ADR (BP.US) gained more than 2%. Chevron Corporation (CVX.US) and Exxon Mobil Corporation (XOM.US) rose over 1%. International oil prices continued to climb, with Brent crude breaking above $116 per barrel, up 2.53% intraday. On the news front, according to CCTV News, U.S. Permanent Representative to the United Nations Michael Waltz stated that the United States is prepared for a long-term standoff with Iran, and the two sides may still be deadlocked 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 also be unable to return to pre-conflict levels. Waltz hopes Iran will "come to the negotiating table" before the above scenario unfolds. Waltz said that U.S. President Trump and the U.S. Navy are "capable of maintaining a blockade of Iranian ports for the foreseeable future," and that the U.S. government is further increasing economic pressure on Iran. According to him, only by disposing of Iran's highly enriched uranium and reaching a substantive agreement with Iran on its uranium enrichment activities within its territory will the strategic objectives of the United States in this conflict be considered achieved.