Oil Prices Soar After US-Iran Conflict Escalates, Chevron Stock Rises on Venezuelan Deal
Oil prices surged on Tuesday following a series of attacks by the US on Iran's military targets. Chevron, one of the largest oil companies in the world, saw its stock rise amid news that it had reached an agreement with Venezuela to restart operations at the country's Orinoco Belt.
The price of crude oil jumped 3.7% after the US launched airstrikes against Iranian military targets on Tuesday. The attacks were a response to Iran's alleged involvement in drone strikes against US troops in Iraq and Syria.
Chevron, which has operations in Venezuela, saw its stock rise 1.8% as investors welcomed news of the agreement with the Venezuelan government. The deal allows Chevron to restart operations at the Orinoco Belt, a major oil-producing region in Venezuela.