Oil stocks tumble as Iran deal sends oil prices lower

Investing.com — Energy stocks fell sharply after Washington and Tehran reached a preliminary agreement to end the Iran war and reopen the crucial Strait of Hormuz, sending oil prices tumbling to a three-month low.

Occidental Petroleum (NYSE:OXY) fell 3%, while TotalEnergies (NYSE:TTE) dropped 3.6% and Canadian Natural Resources (NYSE:CNQ) declined 3.9%. Valero Energy (NYSE:VLO) fell 2%, Exxon Mobil (NYSE:XOM) slid 2.5%, and ConocoPhillips (NYSE:COP) lost 2.4%. Chevron (NYSE:CVX) fell 2.5%, APA Corporation (NASDAQ:APA) dropped 3%, and Devon Energy (NYSE:DVN) declined 3%.

Crude prices tumbled more than 4% to their lowest mark since March following the news.

The Strait of Hormuz is a critical waterway for global oil shipments, and its reopening is expected to ease supply concerns that had supported crude prices in recent months.

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