Occidental Petroleum Shares Drop Amid Uncertainty Over Strait of Hormuz
Occidental Petroleum (OXY) shares fell 4.9% on Tuesday due to renewed hopes for a deal to open the Strait of Hormuz, which led to a drop in oil prices. The company's stock is sensitive to oil prices, and the situation in the Strait has been a major factor in its performance. The U.S. and Iran have been engaged in tense negotiations over the issue.
Topics: geopolitical tensions Occidental Petroleum oil prices stock market Strait of Hormuz