Business Corpus: Chevron Leads 3 Oil Stock Breakouts, Royal Dutch Shell Near Buy As Oil Tops $70 On Iran Deal DoubtsChevron led several oil stocks hitting buy points Monday as U.S. crude topped $70 on risks that President Trump will pull out of the Iran nuclear deal. Royal Dutch Shell neared a buy point. The post Chevron Leads 3 Oil Stock Breakouts, Royal Dutch Shell Near Buy As Oil Tops $70 On Iran Deal Doubts appeared first on Investor's Business Daily.

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Chevron (CVX) cleared a buy point intraday while fellow oil major Royal Dutch Shell (RDSA) neared a breakout buoyed by the rise in West Texas Intermediate crude prices moving above $70 as President Donald Trump mulls whether to exit the Iran nuclear deal.

The price of West Texas Intermediate rose 0.9% to $70.35 per barrel, the first time prices were that high since late 2014, when a global oil glut sent princes reeling. Brent crude was around $75.

Chevron rose 1.65% to 127.60 after rising as high as 128.40 in the stock market today, briefly clearing a 128 entry of a handle in a cup base. Royal Dutch Shell, up 0.8% to 70.37, has been trying to break out of a handle formation with a 71.79 buy point.

Elsewhere, Occidental Petroleum (OXY) broke out of a cup base with a 78.19 buy point, climbing 1.4% to 78.83. Occidental reports on Tuesday.

Oasis Petroleum (OAS) jumped 4.7% to 11.74, breaking out of a long cup base with a 11.49 buy point. Oasis reports late Monday.

Carrizo Oil & Gas (CRZO), which also reports late today, advanced 6.7%.

Trump Mulls Iran Nuclear Deal

President Trump has until Saturday to decide whether the U.S. should reimpose sanctions on Iran, a move that could constrain the world's oil supply. Under the Iran nuclear deal, struck in 2015, Tehran agreed to scale back its nuclear program in exchange for the sanction relief.

"While President Trump has not publicly announced his decision on the May 12 Iran sanctions waivers, it seems that the bureaucratic wheels are turning in Washington to prepare for a sanctions snapback and a renewed effort to reduce Iranian exports," RBC analysts said in a research note dated Monday.

"While there is a scenario where Trump opts to waive sanctions once again due to North Korea, we think it is more likely that he opts to exit this week," the note continued.

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