---
title: "Occidental Petroleum Stock Surges Thursday: What's Driving The Action?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278934322.md"
description: "Occidental Petroleum Corp shares surged 5.31% to $58.54 on Thursday, reaching a new 52-week high. The increase is driven by fears of supply disruptions in the Middle East following tanker explosions and Iran's closure of the Strait of Hormuz. As a major U.S. oil producer, Occidental's earnings are closely linked to oil prices, which are expected to rise due to geopolitical tensions. The stock's relative strength index (RSI) indicates strengthening momentum, nearing overbought territory."
datetime: "2026-03-12T19:30:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278934322.md)
  - [en](https://longbridge.com/en/news/278934322.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278934322.md)
---

# Occidental Petroleum Stock Surges Thursday: What's Driving The Action?

**Occidental Petroleum Corp** (NYSE:OXY) shares are trading higher Thursday afternoon as energy stocks gain on renewed fears of supply disruption in the Middle East after multiple oil tankers were hit by explosions and Iran's new Supreme Leader said the Strait of Hormuz should remain closed to "pressure the enemy."

The move added fresh geopolitical risk to crude markets and lifted investor sentiment across the oil-and-gas sector. Here’s what investors need to know.

-   Occidental Petroleum shares are testing new highs. What’s behind OXY new highs?

## Why Rising Oil Prices Matter For Occidental Petroleum

For Occidental, the news matters more than it does for many broader-market names because the company's earnings and cash flow are closely tied to oil prices. As one of the largest U.S. oil producers, Occidental has significant exposure to changes in crude benchmarks, particularly through its upstream production business.

When traders price in the possibility of tighter global supply or shipping bottlenecks, oil prices tend to rise, improving the revenue outlook for producers like Oxy.

## Strait Of Hormuz Tensions Raise Global Oil Supply Risks

The Strait of Hormuz is one of the world's most important oil transit chokepoints, so any threat to traffic there can quickly ripple through global energy markets. Even without an actual shutdown, tanker explosions and tougher rhetoric from Iran can increase the perceived risk premium embedded in oil prices.

That dynamic is especially meaningful for Occidental because stronger crude prices can support margins, free cash flow and debt-reduction efforts, while also reinforcing the value of its large-scale U.S. production portfolio.

## Occidental Petroleum RSI Signals Strengthening Momentum

Occidental Petroleum's RSI has mostly stayed in the neutral range (30–70) over the past year, with occasional dips near oversold levels earlier in the period.

The RSI has climbed toward the 70 level again Thursday, suggesting the stock is approaching overbought territory as momentum strengthens.

## OXY Shares Climb Thursday

**OXY Price Action:** Occidental Petroleum shares were up 5.31% at $58.54 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

_Image: Shutterstock_

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