U.S. stocks move: Oil and gas stocks surge in pre-market trading as tensions escalate between the U.S. and Iran, with oil prices rising in response.

Gelonghui July 13｜The renewed tensions between the US and Iran have pushed up oil prices, leading to a broad pre-market rise in US oil and gas stocks. Occidental Petroleum, ConocoPhillips, Chevron, and ExxonMobil all rose by more than 1% pre-market. On the news front, both WTI and Brent crude oil prices surged up to 5% intraday, but their gains have since narrowed to over 2%. Goldman Sachs stated that recent attacks highlight the uncertainty in the Gulf region’s export outlook, and a serious escalation could further increase short-term oil price risks. (Gelonghui)