The correct option is B Oxidation of H2O.
The process of photosynthesis occurs in two stages light reaction and dark reaction. The light reaction involves oxidation of water (photolysis i.e., light dependent splitting of water), which releases oxygen as a by product. The photolysis of water also releases electrons, which are used to drive electron flow in the thylakoid membrane ultimately this electron flow results in the synthesis of ATP and NADPH2. These products ATP and NADPH2 are used up subsequently in the process of dark reaction.