Why is Occidental Petroleum stock climbing today?

U.S. District Judge Matthew L. Garcia ruled that consumers and businesses can proceed with claims against eight shale producers and two executives for allegedly conspiring to restrict U.S. oil output and raise prices. The defendants include Permian Resources Corp., Expand Energy Corp., Continental Resources Inc., and others. Garcia dismissed some state-law claims but allowed most of the case to proceed, citing plausible allegations of a domestic agreement to limit production.

Chevron (CVX) and other U.S. energy stocks rose as oil prices climbed due to U.S.-Iran tensions. CVX +2%, XOM +1.5%, OXY +1.8%, COP +1.3%. Brent crude topped $90/barrel. Higher oil prices may boost energy firms' revenue and earnings, but regional risks persist.

Oil prices rose 3% on Aug. 31 after U.S. and Iran resumed attacks. Brent crude reached $90.94/barrel, WTI $86.30/barrel. Iran retaliated, disrupting Strait of Hormuz traffic. Trump threatened Iran's Kharg Island and announced a Venezuela oil deal. Chevron (CVX) and Occidental (OXY) stocks rose 2%.

U.S. energy stocks rose in premarket trading Monday, following a 3.5% increase in oil prices due to U.S.-Iran strikes in the Strait of Hormuz. Chevron (CVX) gained 1.7%, Exxon Mobil (XOM) rose 1.5%, and other energy firms also saw gains. The conflict has disrupted oil supply and raised tensions in the region.

President Donald Trump's investment accounts traded oil, gas, and defense stocks during the US-Iran war in 2026, per OGE filings. Holdings in ExxonMobil, Chevron, and others surged in value, with portfolio growth of up to 39%. The White House denies Trump's involvement in trades, citing third-party management. Critics cite potential conflicts of interest.

Citigroup raised its price target for Occidental Petroleum (OXY) to $65 from $60. Jefferies also adjusted its target to $57 from $56. The changes reflect analysts' updated views on the company's valuation and earnings potential.