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.Crude Oil Prices Spike On Geopolitical EscalationThe 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.U.S.-Iran Peace Agreement CollapsesThe 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 TurmoilOXY’s Key Technical Levels To WatchAt $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.