BUZZ-Oil stocks fall as US-Iran talks progress amid more market stress
Shares of oil and gas companies fell as Brent crude and U.S. WTI crude prices dropped by 2.3% amid progress in U.S.-Iran nuclear talks. Major energy firms like Exxon Mobil and Chevron saw declines of 1.9% and 1.8%, respectively. Other companies, including Hess and Diamondback Energy, also experienced significant drops, with oilfield service providers and refiners following suit. Investors are concerned about economic headwinds from tariffs potentially impacting fuel demand.
Shares of oil and gas companies fall tracking declining crude prices (O/R)
Brent crude (LCOc1) down 2.3% at $66.36/bbl and U.S. WTI crude (CLc1) down 2.3% at $63.14/bbl, hurt by signs of progress in talks between U.S. and Iran, while investors were concerned about economic headwinds from tariffs, which could curb fuel demand
In talks, U.S. and Iran agreed to begin drawing up framework for potential nuclear deal, Iran’s foreign minister said, after discussions that U.S. official described as yielding “very good progress”
Energy majors Exxon Mobil (XOM.N) and Chevron (CVX.N) fall 1.9% and 1.8%, respectively
Shares of Hess (HES.N) and EQT (EQT.N) down about 2.5%, Diamondback Energy (FANG.O) slips 3.9% and APA Corp (APA.O) slides nearly 5%
Oilfield services providers Baker Hughes (BKR.O) Halliburton (HAL.N) and SLB (SLB.N) down between 2.3% and 2.9%
Refiners Valero Energy (VLO.N) , Phillips 66 (PSX.N) , HF Sinclair (DINO.N) and Marathon Petroleum (MPC.N) fall between 2.2% and 2.9%; PBF Energy (PBF.N) drops 3.9%
