--- title: "Why Is Occidental Petroleum Stock Surging on Wednesday?" type: "News" locale: "en" url: "https://longbridge.com/en/news/292065508.md" description: "Occidental Petroleum (OXY) stock surged on Wednesday following an Evercore ISI upgrade from Underperform to Outperform, with a price target raised to $65. This positive sentiment coincided with a 6% spike in Brent crude oil prices to $78.50/barrel, driven by U.S. military strikes on Iran and the collapse of the interim peace agreement. The geopolitical escalation has heightened energy market turmoil, contributing to OXY's premarket gain of 2.92%." datetime: "2026-07-08T11:56:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292065508.md) - [en](https://longbridge.com/en/news/292065508.md) - [zh-HK](https://longbridge.com/zh-HK/news/292065508.md) --- # Why Is Occidental Petroleum Stock Surging on Wednesday? **Occidental Petroleum** (NYSE:OXY) stock is trading higher on Wednesday following a combination of a major Wall Street analyst upgrade and a sharp increase in global crude oil prices driven by escalating geopolitical tensions in the Middle East. Nasdaq futures are down 1.32% while S&P 500 futures have shed 0.89%. On Wednesday, **Evercore ISI Group** upgraded Occidental Petroleum from Underperform to Outperform. Alongside the upgrade, Evercore raised the company’s price forecast from $58 to $65 per share, driving positive trader sentiment during early market hours. **Read Also: Stock Market Today: S&P 500, Dow Jones Futures Fall as Trump Says Iran Ceasefire Is 'Over'—Saratoga, Exxon Mobil, Levi Strauss in Focus** ## Crude Oil Prices Spike On Geopolitical Escalation The upgrade coincided with a significant move in energy commodities. Brent crude oil prices surged 6% to $78.50 a barrel on Wednesday, according to Trading Economics. The price action followed U.S. military actions late Tuesday. According to a statement from CENTCOM, "U.S. Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway." ## U.S.-Iran Peace Agreement Collapses The renewed military conflict has placed the interim U.S.-Iran peace agreement at risk. Speaking in Ankara ahead of a NATO summit, President **Donald Trump** stated that the memorandum of understanding signed with Iran to end the conflict was "over." ## Economists Warn Of Energy Market Turmoil The breakdown of the ceasefire has heightened broader market anxieties. In a post on X on Tuesday, **University of Michigan** economist **Justin Wolfers** noted, "Trouble in Iran = Turmoil in global energy markets = Expect higher gas prices to follow." ## OXY’s Key Technical Levels To Watch At $52.88, OXY is trading 1.6% above its 20-day SMA ($52.38), but it remains 4.5% below its 50-day SMA ($55.70) and 5% below its 100-day SMA ($56). The stock is still 7.7% above its 200-day SMA ($49.39), so the longer-term uptrend line hasn’t broken even as the last few months have been choppy. RSI is the cleaner momentum read right now: at 45.33. The moving-average structure is mixed: the 20-day SMA is below the 50-day SMA (a bearish near-term alignment), but the 50-day SMA is still above the 200-day SMA, reflecting the golden cross that occurred in February. - **Key Resistance**: $61 — a round-number area that sits above the 50-day and 100-day averages. - **Key Support**: $52.50 — a nearby pivot area close to the 20-day SMA. **OXY Price Action:** Occidental Petroleum shares were up 2.92% at $53.19 during premarket trading on Wednesday, according to Benzinga Pro data. **Read Also: Trump Declares Iran Ceasefire 'Over,' Says Talks Are 'a Waste of Time:' Report** _Image via Shutterstock_ ### Related Stocks - [OXY.US](https://longbridge.com/en/quote/OXY.US.md) - [03097.HK](https://longbridge.com/en/quote/03097.HK.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [PXJ.US](https://longbridge.com/en/quote/PXJ.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [ERX.US](https://longbridge.com/en/quote/ERX.US.md) - [ERY.US](https://longbridge.com/en/quote/ERY.US.md) - [DUG.US](https://longbridge.com/en/quote/DUG.US.md) - [MLPA.US](https://longbridge.com/en/quote/MLPA.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [EVR.US](https://longbridge.com/en/quote/EVR.US.md) - [SAR.US](https://longbridge.com/en/quote/SAR.US.md) - [XOM.US](https://longbridge.com/en/quote/XOM.US.md) - [LEVI.US](https://longbridge.com/en/quote/LEVI.US.md) - [OXY+.US](https://longbridge.com/en/quote/OXY+.US.md) - [SAY.US](https://longbridge.com/en/quote/SAY.US.md) - [SAJ.US](https://longbridge.com/en/quote/SAJ.US.md) - [SAZ.US](https://longbridge.com/en/quote/SAZ.US.md) - [SAT.US](https://longbridge.com/en/quote/SAT.US.md) - [SAV.US](https://longbridge.com/en/quote/SAV.US.md) ## Related News & Research - [ROI-Iran war 'stagflation' premium quietly mounts: McGeever](https://longbridge.com/en/news/293345401.md) - [Oil prices dip as mediation efforts offset US-Iran strikes](https://longbridge.com/en/news/293267336.md) - [Oil extends gains on fresh Mideast supply risks](https://longbridge.com/en/news/293418453.md) - [Oil prices hover at six-week high as Middle East shipping risks escalate](https://longbridge.com/en/news/293555449.md) - [Iran's Tasnim says oil tanker explodes after hitting naval mine in Strait of Hormuz](https://longbridge.com/en/news/293845546.md)