Occidental Petroleum Corp OXY shares are trading higher by 4.35% to $64.07 Monday afternoon. Energy stocks have surged Monday amid growing oil supply concerns resulting from the Israel-Hamas conflict.
The conflict has caused significant casualties, with over 1,100 people affected, including 700 Israelis, alongside 2,000 injuries and numerous captives in Gaza, garnering close attention from investors.
Israel’s military also called in 300,000 reserve forces Monday in order to facilitate a siege on the Gaza Strip and halt the transport of supplies, including food and fuel.
See Also: Goldman Sachs Bullish On Crude Oil With Israel, Hamas At War
Occidental Petroleum's stock price is highly sensitive to changes in oil prices. If the conflict in the Middle East, such as the Israel-Hamas conflict, leads to increased oil price volatility or a sustained rise in oil prices, OXY's stock could benefit.
This is because higher oil prices can increase OXY's revenue and profitability, given its involvement in oil production.
Any disruptions in the global oil supply due to geopolitical conflicts can impact oil prices and, consequently, benefit oil companies like Occidental Petroleum.
If there are concerns about the security of oil supply routes or production facilities in the Middle East, it can lead to a bullish sentiment for oil stocks, including OXY.
See Also: What Israel's War With Hamas Means For Gold And Other Safe Haven Assets
According to data from Benzinga Pro, OXY has a 52-week high of $76.11 and a 52-week low of $55.51.
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