US Stock Market Movement | Oil Stocks Rise, Petrobras (PBR.US) up over 4%
On Monday, oil stocks generally rose, with Petrobras (PBR.US) up over 4%, while ExxonMobil (XOM.US) and Chevron (CVX.US) gained nearly 3%.
According to Zhihu Finance APP, on Monday, oil stocks generally rose, with Petrobras (PBR.US) climbing over 4%, ExxonMobil (XOM.US) and Chevron (CVX.US) rising nearly 3%, and ConocoPhillips (COP.US), Occidental Petroleum (OXY.US), and BP (BP.US) all gaining over 2%.
On August 31, international crude oil futures saw intraday gains expand, with WTI crude oil futures prices surging by as much as 4% during trading, and Brent crude oil futures prices rising over 3.8%. In terms of news, on the 30th, the US military struck two rocket launchers on Iran's Larak Island near the Strait of Hormuz. This was the US military's first strike against an Iranian target in a month. The Islamic Revolutionary Guard Corps subsequently issued a statement saying that, in response to the aggression by US and Israeli enemies on Iran's Larak Island, the IRGC Aerospace Force launched missiles and drones, destroying technical and maintenance infrastructure at two US Air Force bases in Jordan and causing severe damage to enemy fighter jet positions.
Morgan Stanley issued a report on Monday, significantly raising its short-term oil price forecasts, lifting the Brent crude oil target price for the fourth quarter of this year from the previous $75 per barrel to $100 per barrel, while WTI crude was raised from $76 to $96.
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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