Oil and gas stocks generally rose pre-market, ExxonMobil up over 2%, US-Iran conflict reignited, international oil prices surged.

On July 8, US oil and gas stocks rose in pre-market trading, with Exxon Mobil and Devon Energy up more than 2%, and Occidental Petroleum, Chevron, and ConocoPhillips up more than 1%. So far this year, Occidental Petroleum and Williams have each gained over 26%, Exxon Mobil has risen nearly 20%, and Chevron, ConocoPhillips, and Devon Energy have accumulated gains of approximately 16%-17%.

On the news front, US President Trump said at the NATO summit that he believes the US-Iran Memorandum of Understanding is "finished." Previously, the US revoked a general license allowing Iranian oil sales and reinstated sanctions on Iranian oil. An official described the action against Iran as a "punitive measure" that will not end soon. Geopolitical tensions have reignited, driving international oil prices sharply higher, with both WTI and Brent crude rising over 5% on the day.

Additionally, Exxon Mobil released a performance forecast. The company stated that the surge in crude oil prices in the second quarter contributed $3.7 billion in upstream profit gains, while its refining and chemical businesses added $3.3 billion in additional earnings. However, Exxon Mobil noted that these positive factors were partially offset by approximately $1.2 billion in losses caused by production disruptions in the Middle East. The company is scheduled to release its full financial report on July 31.

XOM-0.49%
DVN2.08%
OXY3.67%
CVX1.11%
COP2.08%
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